Accounting Quiz-04 (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-04 (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-04 (Mixed)

Best of Luck!

1 / 25

“Advance Income” is a

Current Asset

Current Liability

Fixed Asset

Long term Liability

2 / 25

Who prepares the Bank Reconciliation Statement?

Bankers

Depositors

Tax Authority

Auditors

3 / 25

“Credit” indicates

Increase of Assets

Decrease in liabilities

Increase of Capital

Increase in Expenses

4 / 25

What is the meaning of "Dual entity Concept "?

Journalizing

Posting to Ledger

Each transaction has two sides

Recording in Cash Book

5 / 25

Cost of Goods Sold =

Opening Stock+ Net Purchase+ Closing Stock

Opening Stock- Net Purchase+ Closing Stock

Opening Stock+ Net Purchase- Closing Stock

6 / 25

"Depreciation expense" reduces

Capital

Asset

Liability

Bank Deposit

7 / 25

Identify the depreciation rate by straight-line method for an asset has a useful life 8 years.

11%

11.5%

12.5%

12%

8 / 25

Which of the following is an example of tangible fixed assets?

Building

Patent

Preliminary Expenses

Goodwill

9 / 25

Which one is an example of nominal A/c

Accrued wages

Prepaid Wages

Wages

Wages Payable

10 / 25

"Bank Reconciliation Statement" is prepared according to

Conservative Principle

Relevancy principle

Full Disclosure Principle

Matching Principle

11 / 25

Who prepares Debit Note?

Buyer

Seller

Manufacturer

Supplier

12 / 25

Which one is not an example of Liability?

Unearned Revenue

Prepaid Expenses

Advance Income

Accrued Expenses

13 / 25

1st Step of the financial statement is

Owner’s Equity Statement

Balance Sheet

Cash flow Statement

Income Statement

14 / 25

"Director fee" is a

Production Expense

Manufacturing Expense

Marketing Expense

Administrative Expense

15 / 25

Bad debts recovered by $300. Identify the “Debit A/c” for this transaction

Bad debts

A/c Receivable

Cash

Bad Debt Reserve

16 / 25

Foundation year of "AICPA"

1939

1940

1938

1941

17 / 25

What is the matching principle?

Adjustment of expenses with Income

Adjustment of assets with income

Adjustment of assets with Liabilities

Adjustment of Liabilities with Expenses

18 / 25

Which of the principle is followed for creating “Depreciation Reserve”

Full Disclosure

Going Concern

Relevancy

Matching

19 / 25

The current name of "IAS" is

IRFS

FRSB

FASB

IFRS

20 / 25

Full form of “IASC”

International Auditing Standard Committee

International Accounting Standard Committee

International Auditing Standard Community

21 / 25

Identify the correct adjusting entry for the following transaction: Accrued Salary for the month of June is $300

Salary A/c- Dr. and Cash A/c- Cr.

Accrued Salary A/c- Dr. and Salary A/c- Cr.

Salary A/c- Dr. and Prepaid expenses A/c-Cr.

Salary A/c- Dr. and Accrued Salary A/c- Cr.

22 / 25

Accounting is a/an

Art

Science

Art & Science

Literature

23 / 25

In which year modern accounting has been originated?

1495

1494

1496

1497

24 / 25

"Expanded Accounting Equation" is

A=L+(C+D+R+E)

A=L+(C+D+E-R)

A=L+(C+R-E-D)

A=L-(C-D-E+R)

25 / 25

Which of the following is a foundation of accounting?

Journalizing

Posting in Ledger

Preparation of Financial Statement

Transaction

Your score is

The average score is 49%

You can also test:

Accounting Quiz (Mixed)

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

Leave a Comment Cancel reply