Accounting Quiz-04 (Mixed)

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Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

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Accounting Quiz-04

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

1 / 25

Full form of “IASC”

International Auditing Standard Committee

International Accounting Standard Committee

International Auditing Standard Community

2 / 25

Which of the following is not an example of liability?

Unearned Revenue

Prepaid Expenses

Advance Income

Accrued Expenses

3 / 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

4 / 25

"Director fee" is a

Production Expense

Manufacturing Expense

Marketing Expense

Administrative Expense

5 / 25

“Credit” indicates

Increase of Assets

Decrease in liabilities

Increase of Capital

Increase in Expenses

6 / 25

What is the meaning of "Dual Entity Concept "?

Journalizing

Posting to Ledger

Each transaction has two sides

Recording in Cash Book

7 / 25

Determine the correct adjusting entry for the following transaction: June's accrued salary 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.

8 / 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)

9 / 25

In which year did modern accounting begin?

1495

1494

1496

1497

10 / 25

Which of the following is an example of nominal accounts?

Accrued wages

Prepaid Wages

Wages

Wages Payable

11 / 25

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

Building

Patent

Preliminary Expenses

Goodwill

12 / 25

Determine the depreciation rate using the straight-line method for an asset with an 8-year useful life.

11%

11.5%

12.5%

12%

13 / 25

Which of the following is a foundation of accounting?

Journalizing

Posting in Ledger

Preparation of Financial Statement

Transaction

14 / 25

Double-entry bookkeeping requires every transaction to be recorded in at least how many accounts?

One

Two

Three

Four

15 / 25

Which accounting principle is followed when creating the "Depreciation Reserve"?

Full Disclosure

Going Concern

Relevancy

Matching

16 / 25

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

Bad Debts

A/c Receivable

Cash

Bad Debt Reserve

17 / 25

Cost of Goods Sold =?

Opening Stock + Net Purchase + Closing Stock

Opening Stock - Net Purchase + Closing Stock

Opening Stock + Net Purchase - Closing Stock

18 / 25

Who prepares the Bank Reconciliation Statement?

Bankers

Depositors

Tax Authority

Auditors

19 / 25

Which of the following methods of depreciation allocates a higher expense in the early years of an asset's life?

Straight-Line Depreciation

Double-Declining Balance Depreciation

Units-of-Production Depreciation

Activity-Based Depreciation

20 / 25

“Advance Income” is a

Current Asset

Current Liability

Fixed Asset

Long term Liability

21 / 25

Who prepares the debit note?

Buyer

Seller

Manufacturer

Supplier

22 / 25

Which account increases when a company sells a product or service on credit?

Cash

Accounts Receivable

Inventory

Expense

23 / 25

The "Bank Reconciliation Statement" is prepared according to which accounting principle?

Conservative Principle

Relevancy Principle

Full Disclosure Principle

Matching Principle

24 / 25

Accounting is a/an

Art

Science

Art & Science

None of These

25 / 25

What is the purpose of depreciation?

To record the cost of repairs and maintenance for an asset.

To calculate the resale value of an asset.

To track the amount of cash generated by an asset.

To spread the cost of a long-term asset over its useful life.

Your score is

The average score is 48%

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