Accounting Quiz-02 (Mixed) - Everything about Accounting

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Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

181

Created on May 13, 2020 By

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Accounting Quiz-02 (Mixed)

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1 / 25

Debit balance of "Ledger" account indicates

Liabilities

Revenues

Capital

Assets

2 / 25

"Reason of Transaction" Known from

Ledger

Journal

Trial Balance

Work Sheet

3 / 25

Which entry is used for closing the Nominal account?

Closing Entry

Rectifying Entry

Adjusting Entry

Opening Entry

4 / 25

Which account will be credited for bad debts written off?

Bad debts

Creditors

Debtors

Bank Loan

5 / 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

6 / 25

"Journal" is called

Subsidiary book of account

Primary book of account

Permanent book of account

All of these

7 / 25

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

Profit

Balance

Liability

Loss

8 / 25

"Credit" indicates

Expenses

Assets

Cash

Liabilities

9 / 25

Total number of Columns in "T" Table

10 / 25

The import duty of goods is a

Capital Expenditure

Revenue Expenditure

Revenue Income

Capital Income

11 / 25

If revenue expenditure is recorded as capital expenditure then which calculation will be wrong?

Cash Balance

Bank Balance

Net Profit

Debtors

12 / 25

Which one is recorded in the statement of financial position?

Capital Expenditure

Revenue Expenditure

Revenue Income

None of These

13 / 25

“Sale of furniture” of furniture merchandising business—

Revenue Income

Capital Income

Asset Income

Capital Receipt

14 / 25

Which one is used rough working for financial statements?

Journal Entries

Ledger

Trial Balance

Worksheet

15 / 25

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

Recording

Processing

Communication

Verification

16 / 25

Which of the following statement 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

17 / 25

Which of the following is a revenue item?

Land

Salary

Sales

Purchase

18 / 25

Which one is 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

19 / 25

Full-Form of “GAAP”

Generally Accepted Auditing Principles

Generally Accepted Auditing Policy

Generally Accepted Accounting Principles

Generally Accepted Accounting Policy

20 / 25

A Balance Sheet Presents

Assets and Liabilities

Revenues and Expenses

Expenses and Owner’s Equity

Liabilities and Revenues

21 / 25

Which one is an example of Liabilities?

Prepaid Expenses

Accrued Revenue

Prepaid Insurance

Accrued Wages

22 / 25

Which accounting system is more popular for keeping Accounts?

Single Entry System

Triple Entry System

Double Entry System

Modern System

23 / 25

Which one is 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

24 / 25

Which of the following is an example of Tangible Asset?

Patent

Building

Trade License

25 / 25

Which is called the language of Business?

Marketing

Economics

Computer

Accounting

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Accounting Quiz (Mixed)

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