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

Which one is correct?

Loss increase capital

Profit decrease capital

Bad debt increase asset

Advertisement decrease profit

2 / 25

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

Indirect Material

Indirect Wages

Factory Rent

Wages

3 / 25

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

Magazine

Cash Flow Statement

Notes and Explanations

Balance Sheet

4 / 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

5 / 25

"Ledger" is called the

Primary Book of Account

Subsidiary Book of Account

Final Book of Account

Associate Book of Account

6 / 25

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

Commission Payable

Accrued Interest

Mortgage

Advance Income

7 / 25

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

Come to Back

Carried Forward

Carried Down

Creditors and Debtors

8 / 25

The debit balance in the "Ledger" indicates

Income

Expense

Capital

Liabilities

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

Which accounting system was developed by Luca de Pacioli?

Single Entry System

Accounting Mixed System

Triple Entry System

Double Entry System

11 / 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.

12 / 25

Full-Form of “FASB”

Financial Accounting Standards Bureau

Financial Auditing Standards Board

Financial Auditing Standard Bureau

Financial Accounting Standards Board

13 / 25

Which letter or symbol is used for contra-entry?

14 / 25

Machinery Installation is a

Capital expenditure

Revenue expenditure

Revenue income

Capital Income

15 / 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.

16 / 25

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

Share Discount

Preliminary Expenses

Stationary Expenses

Under Writer Commission

17 / 25

Which is called the king of all books?

Journal

Ledger

Trial balance

Financial Statement

18 / 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

19 / 25

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

Freight in

Purchases

Sales Return

Opening Stock

20 / 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

21 / 25

Factory overhead Costs include

Depreciation on Machinery

Corporate Office Rent

Selling Expenses

22 / 25

Which of the following is prepared using Ledger Balances?

Accounts Payable

Trial Balance

Bills Payable

Cash Book

23 / 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

24 / 25

Net profit ratio =

(Net Profit/COGS x100)

(Net Profit/Gross profit x100)

(Net Profit/Net Sales x100)

(Net Sales/Net Profit x100)

25 / 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

Your score is

The average score is 60%

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