Accounting Quiz-03 (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-03

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

1 / 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.

2 / 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.

3 / 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

4 / 25

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

Come to Back

Carried Forward

Carried Down

Creditors and Debtors

5 / 25

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

Share Discount

Preliminary Expenses

Stationary Expenses

Under Writer Commission

6 / 25

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

Commission Payable

Accrued Interest

Mortgage

Advance Income

7 / 25

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

Magazine

Cash Flow Statement

Notes and Explanations

Balance Sheet

8 / 25

Which one is correct?

Loss increase capital

Profit decrease capital

Bad debt increase asset

Advertisement decrease profit

9 / 25

Which letter or symbol is used for contra-entry?

10 / 25

Net profit ratio =

(Net Profit/COGS x100)

(Net Profit/Gross profit x100)

(Net Profit/Net Sales x100)

(Net Sales/Net Profit x100)

11 / 25

The debit balance in the "Ledger" indicates

Income

Expense

Capital

Liabilities

12 / 25

Machinery Installation is a

Capital expenditure

Revenue expenditure

Revenue income

Capital Income

13 / 25

"Ledger" is called the

Primary Book of Account

Subsidiary Book of Account

Final Book of Account

Associate Book of Account

14 / 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

15 / 25

Which is called the king of all books?

Journal

Ledger

Trial balance

Financial Statement

16 / 25

Which of the following is prepared using Ledger Balances?

Accounts Payable

Trial Balance

Bills Payable

Cash Book

17 / 25

Factory overhead Costs include

Depreciation on Machinery

Corporate Office Rent

Selling Expenses

18 / 25

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

Indirect Material

Indirect Wages

Factory Rent

Wages

19 / 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

20 / 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

21 / 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

22 / 25

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

Freight in

Purchases

Sales Return

Opening Stock

23 / 25

Which accounting system was developed by Luca de Pacioli?

Single Entry System

Accounting Mixed System

Triple Entry System

Double Entry System

24 / 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

25 / 25

Full-Form of “FASB”

Financial Accounting Standards Bureau

Financial Auditing Standards Board

Financial Auditing Standard Bureau

Financial Accounting Standards Board

Your score is

The average score is 60%

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