Accounting Quiz-03 (Mixed) -Everything about Accounting

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-03 (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.

Let’s Start

Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

Created by

admin

Accounting Quiz-03

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

1 / 25

Which of the following is not a source of accounting information for businesses?

Magazine

Cash Flow Statement

Notes and Explanations

Balance Sheet

2 / 25

"Ledger" is called the

Primary Book of Account

Subsidiary Book of Account

Final Book of Account

Associate Book of Account

3 / 25

Which of the following "event" is recorded in the accounting book?

An Employee is appointed

An employee is terminated

An order is placed

Furniture is purchased on account

4 / 25

Which letter or symbol is used for contra-entry?

5 / 25

Which one is the correct accounting equation?

Liabilities=Assets+ Owner’s Equity

Owner’s Equity=Assets-Liabilities

Assets=Liabilities-Owner’s Equity

Liabilities= Assets+ Revenue

6 / 25

Which of the following is prepared using Ledger Balances?

Accounts Payable

Trial Balance

Bills Payable

Cash Book

7 / 25

Which of the following is an example of capital expenditure?

Selling expense for furniture

Paid salary and wages

Capital invested by the owner

Purchased delivery van

8 / 25

Which accounting system was developed by Luca de Pacioli?

Single Entry System

Accounting Mixed System

Triple Entry System

Double Entry System

9 / 25

Identify the correct formula for calculating working capital.

Current Assets-Current Liabilities

Current Assets+Current Liabilities

Current Assets-Long term Liabilities

Current Assets+Long term Liabilities

10 / 25

Factory overhead Costs include

Depreciation on Machinery

Corporate Office Rent

Selling Expenses

11 / 25

Which of the following is an example of long-term liability?

Commission Payable

Accrued Interest

Mortgage

Advance Income

12 / 25

Net profit ratio =

(Net Profit/COGS x100)

(Net Profit/Gross profit x100)

(Net Profit/Net Sales x100)

(Net Sales/Net Profit x100)

13 / 25

Which of the following expenses is included in the prime cost?

Indirect Material

Indirect Wages

Factory Rent

Wages

14 / 25

Machinery Installation is a

Capital expenditure

Revenue expenditure

Revenue income

Capital Income

15 / 25

Identify the correct Debit and Credit A/c for the following transaction: "Purchased supplies $ 200 on account"

Supplies-Dr. and Cash-Cr.

A/C Payable-Dr. and Cash-Cr.

A/C Payable-Dr. and Supplies-Cr.

Supplies-Dr. and A/C Payable-Cr.

16 / 25

What is net income on an income statement?

The total amount of revenue earned by a company.

The total amount of expenses incurred by a company.

The profit of the company after all expenses are deducted from revenue.

The amount of money a company owes to its creditors.

17 / 25

What is the meaning of "C/D" in the ledger?

Come to Back

Carried Forward

Carried Down

Creditors and Debtors

18 / 25

Which is called the king of all books?

Journal

Ledger

Trial balance

Financial Statement

19 / 25

What is the main principle of the "double-entry system"?

Assets increase -Cr. and Liabilities increase -Dr.

Receiver is credit and Giver is debit

Expenses decrease -Cr. and income increases -Dr.

Receiver is debit and Giver is credit

20 / 25

Which one is correct?

Loss increase capital

Profit decrease capital

Bad debt increase asset

Advertisement decrease profit

21 / 25

Full-Form of “FASB”

Financial Accounting Standards Bureau

Financial Auditing Standards Board

Financial Auditing Standard Bureau

Financial Accounting Standards Board

22 / 25

The "suspense account" in the trial balance indicates

Sum of Debit Column

Sum of Credit Column

Sum of Debit and Credit Column

Difference between Debit and Credit Column

23 / 25

Which of the following is not an example of a deferred expense?

Share Discount

Preliminary Expenses

Stationary Expenses

Under Writer Commission

24 / 25

The debit balance in the "Ledger" indicates

Income

Expense

Capital

Liabilities

25 / 25

Which of the following is not included in the cost of goods sold?

Freight in

Purchases

Sales Return

Opening Stock

Your score is

The average score is 60%

You can also test:

Accounting Quiz (Mixed)

Accounting Quiz-03 (Mixed)

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

Accounting Quiz-06 (Mixed)

Accounting Quiz-04 (Mixed)

Accounting Quiz-07 (Mixed)

Accounting Quiz-05 (Mixed)

Accounting Quiz-01 (Mixed)

Accounting Quiz-02 (Mixed)

Leave a Reply Cancel reply

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

Similar Posts

Leave a Reply Cancel reply