Accounting Quiz-01 (Mixed)

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Playing the quiz is an effective way to improve mental competencies. And to develop this mental skill we have brought the Accounting Quiz section. If you Practice these 25 “Accounting Quiz-01 (Mixed)” on a regular basis and it will definitely enhance your mental and accounting skills.

Are You Ready to increase your accounting skills to the next level?

Now, Test your knowledge with our mixed basic accounting quizzes (Multiple Choice questions). It will definitely develop your accounting skill.

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Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

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Accounting Quiz-01

Ready to test your accounting knowledge? Take this quick quiz and see how you score!

1 / 25

Which of the following statements describes a company's financial position?

Income Statement

Cash flow Statement

Owner’s Equity Statement

Balance Sheet

2 / 25

Which of the following is not a branch of accounting?

Forensic Accounting

Auditing

Fiduciary Accounting

Economics

3 / 25

Which of the following is true for net income?

Expenses exceed revenues

Revenues exceed expenses

Revenues exceed assets

Asset exceed liabilities

4 / 25

Who are the internal users of accounting information in a business?

Creditors

Government

External Auditors

Production Managers

5 / 25

Accounting is an

Auditing System

Information System

Monitoring System

Planning System

6 / 25

The left side of an account is called

Debit

Credit

Debit & Credit

Balance

7 / 25

Which one is the correct accounting equation?

A=L+OE

OE=A+L

A=L+R

L=A+OE

8 / 25

Luca de Pacioli is a/an

Indian

Italian

American

German

9 / 25

Which of the following is not part of the accounting process?

Identification

Communication

Planning

Recording

10 / 25

Which one is included in an income statement?

Revenue

Assets

Liabilities

Owner’s Equity

11 / 25

Which of the following is not considered a transaction?

Paid to Oyo International $3,000

Paid salary $4,000

Appointed Mr. Neil as a manager for monthly salary $5,000

Purchased goods $ 2,000

12 / 25

Which of the following statements is true for "credit"?

Increase both assets and revenues

Increase both revenues and liabilities

Decrease both expenses and liabilities

Decrease both revenues and assets

13 / 25

Full-Form of “AAA”

American Audit Association

American Association of Accounting

American Accounting Authority

American Accounting Association

14 / 25

According to cost principles, businesses should record their assets at

Market value

Historical value

Fair value

None of These

15 / 25

Which one is a non-profit organization?

Amazon

Microsoft

Facebook

None of These

16 / 25

Bookkeeping includes only

Processing of economic Events

Recording and Processing of economic events

Recording of economic events

All of These

17 / 25

What is the effect on the accounting equation for this transaction? Paid to Creditors $300

Liabilities increased and asset decreased

Asset decreased and owner’s equity increased

Asset decreased and liabilities decreased

Liabilities decreased and owner’s equity decreased

18 / 25

Which of the following is not a component of the cash flow statement?

Operating Activities

Investing Activities

Financing Activities

Net Income

19 / 25

Which city was the first to begin using the double-entry bookkeeping system?

London

Rome

Venice

Madrid

20 / 25

Which one is an example of an expense?

Commission Received

Sales

Stock

Wages

21 / 25

Which of the following is an example of intangible asset?

Land

Prepaid Expenses

Inventory

22 / 25

Modern accounting originated in

USA

England

Germany

Italy

23 / 25

Which of the following events are recorded in an accounting book?

An employee is appointed to the monthly salary of $5,000.

An employee is terminated.

An order is placed to purchase goods.

Furniture is purchased on account.

24 / 25

The main objective of accounting is

Planning of the organization

Monitoring of the activities

Identify the financial condition of an organization

None of these

25 / 25

How can an organization make a profit?

Increasing Expenses

Increasing Assets

Increasing Liabilities

Decreasing Expenses

Your score is

The average score is 62%

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