Accounting Quiz-05 (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-05

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

1 / 25

"Owner's Equity" will increase if

Expenses increase

Losses increase

Assets increase

Revenues increase

2 / 25

Which one is a direct expense?

Office Rent

Selling Expense

Commission

Wages

3 / 25

What is the unit of measurement for transactions?

Kilogram

Miter

Money

Litre

4 / 25

What is the first step of the accounting cycle?

Journal

Identification of Transaction

Ledger

Trial balance

5 / 25

Which accounts will be closed after the fiscal year ends?

Capital

Liabilities

Assets

Nominal

6 / 25

A company distributes a portion of its profits to shareholders. This distribution is called a:

Accrual

Dividend

Retained Earnings

Liability

7 / 25

"Bad Debt Reserve" is a

Allocation of Profit

Reserve

Loss

Reverse Asset

8 / 25

“Sold used car for $1,000.” Credit will be:

Cash A/c

Loss on Sale of Asset A/c

Car A/c

Cumulative Depreciation A/c

9 / 25

A company pays rent for a building upfront for the entire year. This prepaid rent is recorded as a:

Rent Expense

Prepaid Expense

Accrued Expense

Rental Fee

10 / 25

What happens if an asset's useful life is extended from ten to twelve years?

Depreciation rate will increase

Net profit will decrease

Depreciation will decrease

Asset Value will decrease

11 / 25

Which of the following is an example of current liabilities?

Bills Receivable

Bank Overdraft

Prepaid Expenses

Mortgage

12 / 25

"Transaction" is a

Probable Event

Dependable Event

Conditional Event

Historical Event

13 / 25

Net Sales - Gross Profit =?

COGS

Net Income

Operating Income

Gross Purchase

14 / 25

"Debit Note" is prepared for

Purchase Return

Sales Return

Purchase Book

Sales Book

15 / 25

Which of the following is an example of a "non-cash transaction"?

Prepaid expenses

Bad debts recovered

Prepaid wages

Amortization

16 / 25

Which of the following is an example of an intangible asset?

Bank Balance

Bills Receivable

Trademark

Prepaid Expense

17 / 25

"Depreciation" charged on

Goodwill

Bills Payable

Land

Building

18 / 25

The financial ratio that measures a company's ability to pay its current liabilities is called the:

Quick Ratio

Debt-to-Equity Ratio

Current Ratio

Profit Margin Ratio

19 / 25

Utilities are not assets and should be recorded as expenditures. According to which principle

Going Concern

Materiality

Full Disclosure

Matching

20 / 25

Which is known as the "Roadmap of Financial Statements"?

Worksheet

Trial Balance

Ledger

Income Statement

21 / 25

The daily book of accounts is

Ledger

Journal

Trial balance

Worksheet

22 / 25

"Accounting" is a

General Knowledge

Political Science

Social Science

Economics

23 / 25

Which account is not maintained using a single-entry system?

Nominal Account

Asset Account

Personal Account

Capital Account

24 / 25

The cost of goods sold (COGS) appears on which financial statement?

Balance Sheet

Income Statement

Cash Flow Statement

Owner's Equity Statement

25 / 25

The difference between a company's total assets and total liabilities represents the:

Operating Expenses

Retained Earnings

Owner's Equity

Net Income

Your score is

The average score is 48%

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Accounting Quiz (Mixed)

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