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 on May 09, 2020 By

admin

Accounting Quiz-03 (Mixed)

Best of Luck!

1 / 25

Net profit ratio=

(Net profit/COGS x100)

(Net profit/Gross profit x100)

(Net profit/Net Sales x100)

(Net Sales/Net Profit x100)

2 / 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

3 / 25

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

Freight in

Purchases

Sales Return

Opening Stock

4 / 25

Which one is correct?

Loss increase capital

Profit decrease capital

Bad debt increase asset

Advertisement decrease profit

5 / 25

Which of the following expenses include in prime cost?

Indirect Material

Indirect Wages

Factory Rent

Wages

6 / 25

Factory overhead Costs include

Depreciation on Machinery

Corporate Office Rent

Selling Expenses

7 / 25

Which of the following is family revenue expenditure?

Education Expenses

Maintenance of Assets

Insurance Premium

All of these

8 / 25

Which letter or Symbol is used for contra entry?

9 / 25

"Suspense account" in the trial balance is

Sum of Debit Column

Sum of Credit Column

Sum of Debit and Credit Column

Difference between Debit and Credit Column

10 / 25

Which accounting system was invented by Luca de Pacioli?

Single Entry System

Accounting Mixed System

Triple Entry System

Double Entry System

11 / 25

Which is called the king of all books?

Journal

Ledger

Trial balance

Financial Statement

12 / 25

Machinery Installation is a

Capital expenditure

Revenue expenditure

Revenue income

Capital Income

13 / 25

Which one is correct?

Liabilities=Assets+ Owner’s Equity

Owner’s Equity=Assets-Liabilities

Assets=Liabilities-Owner’s Equity

Liabilities= Assets+ Revenue

14 / 25

Which of the following is an example of Long term Liabilities?

Commission Payable

Accrued Interest

Mortgage

Advance Income

15 / 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

16 / 25

Debit balance of "Ledger" Indicates

Income

Expense

Capital

Liabilities

17 / 25

Which of the following is prepared with Ledger Balances?

Accounts Payable

Trial Balance

Bills Payable

Cash Book

18 / 25

What is the main Principle of "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 an example of capital expenditure?

Selling expense for Furniture

Paid salary and wages

Capital invested by the owner

Purchased Delivery Van

20 / 25

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

Come to Back

Carried Forward

Carried Down

Creditors and Debtors

21 / 25

"Ledger" is called the

Primary Book of Account

Subsidiary Book of Account

Final Book of Account

Associate Book of Account

22 / 25

Full-Form of “FASB”

Financial Accounting Standards Bureau

Financial Auditing Standards Board

Financial Auditing Standard Bureau

Financial Accounting Standards Board

23 / 25

Which of the following is not a Source of accounting information of business?

Magazine

Cash Flow Statement

Notes and Explanations

Balance Sheet

24 / 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.

25 / 25

Which of the following is not an example of Deferred Expenses?

Share Discount

Preliminary Expenses

Stationary Expenses

Under Writer Commission

Your score is

The average score is 60%

You can also test:

Accounting Quiz (Mixed)

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

Leave a Comment Cancel reply