Accounting Quiz-02 (Mixed) - Everything about Accounting

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Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

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Accounting Quiz-02

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1 / 25

A Balance Sheet Presents

Assets and Liabilities

Revenues and Expenses

Expenses and Owner’s Equity

Liabilities and Revenues

2 / 25

Which one is an example of a transaction?

Paid office rent $3,000

Placed an order for purchasing goods $6,000

Appointed Sam as an accountant for $4,000 P.M

All of these

3 / 25

The difference between the total amount of debit and credit of an account is called

Profit

Balance

Liability

Loss

4 / 25

Full-Form of “GAAP”

Generally Accepted Auditing Principles

Generally Accepted Auditing Policy

Generally Accepted Accounting Principles

Generally Accepted Accounting Policy

5 / 25

Which one is used for rough work on financial statements?

Journal Entries

Ledger

Trial Balance

Worksheet

6 / 25

"Journal" is called

Subsidiary book of account

Primary book of account

Permanent book of account

All of these

7 / 25

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

Recording

Processing

Communication

Verification

8 / 25

Which of the following statements is incorrect for the user of accounting information?

Government is an external user

Internal Auditor is an internal user

Owner is an internal user

Production Manager is an external user

9 / 25

Total number of columns in the "T" account

10 / 25

If revenue expenditure is recorded as capital expenditure, which calculation will be incorrect?

Cash Balance

Bank Balance

Net Profit

Debtors

11 / 25

Which accounting system is more commonly used to keep accounts?

Single Entry System

Triple Entry System

Double Entry System

Modern System

12 / 25

Which entry is used to close the nominal account?

Closing Entry

Rectifying Entry

Adjusting Entry

Opening Entry

13 / 25

What document is used to record financial transactions chronologically?

General Ledger

Balance Sheet

Cash Flow Statement

Income Statement

14 / 25

Which account will be credited when bad debts are written off?

Bad debts

Creditors

Debtors

Bank Loan

15 / 25

The debit balance of the "Ledger" account indicates...

Liabilities

Revenues

Capital

Assets

16 / 25

"Credit" indicates

Expenses

Assets

Cash

Liabilities

17 / 25

Which of the following is an example of liabilities?

Prepaid Expenses

Accrued Revenue

Prepaid Insurance

Accrued Wages

18 / 25

Which is referred to as the business language?

Marketing

Economics

Computer

Accounting

19 / 25

The "reason for the transaction" is known from

Ledger

Journal

Trial Balance

Work Sheet

20 / 25

Which transaction will increase liabilities?

Purchased Furniture for cash $6,000

Paid Note Payable for cash $3,000

Purchased Utilities $ 4,000 on account

Paid to Creditors $ 500

21 / 25

"Sale of furniture" for the furniture merchandising business will be considered as

Revenue Income

Capital Income

Asset Income

Capital Receipt

22 / 25

The import duty of goods is a

Capital Expenditure

Revenue Expenditure

Revenue Income

Capital Income

23 / 25

Which one is recorded in the statement of financial position?

Capital Expenditure

Revenue Expenditure

Revenue Income

None of These

24 / 25

Which of the following is a revenue item?

Land

Salary

Sales

Purchase

25 / 25

Which one is the correct Expanded Accounting Equation?

Assets = Liabilities + Owner’s Equity – Revenues – Expenses + Owner’s Drawings

Assets = Liabilities + Owner’s Equity – Revenues + Expenses – Owner’s Drawings

Assets = Liabilities + Owner’s Equity + Revenues – Expenses – Owner’s Drawings

Assets = Liabilities + Owner’s Equity + Revenues – Expenses + Owner’s Drawings

Your score is

The average score is 58%

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Accounting Quiz (Mixed)

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