Accounting Quiz-05 (Mixed)

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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-05 (Mixed)” on a regular basis and it will definitely enhance your mental and accounting skills.

Now, Test your knowledge with our mixed basic accounting quizzes (Multiple Choice questions). It will definitely develop your accounting skill.

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

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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

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

Balance Sheet

Income Statement

Cash Flow Statement

Owner's Equity Statement

2 / 25

What is the unit of measurement for transactions?

Kilogram

Miter

Money

Litre

3 / 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

4 / 25

"Owner's Equity" will increase if

Expenses increase

Losses increase

Assets increase

Revenues increase

5 / 25

What is the first step of the accounting cycle?

Journal

Identification of Transaction

Ledger

Trial balance

6 / 25

"Accounting" is a

General Knowledge

Political Science

Social Science

Economics

7 / 25

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

Worksheet

Trial Balance

Ledger

Income Statement

8 / 25

"Debit Note" is prepared for

Purchase Return

Sales Return

Purchase Book

Sales Book

9 / 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

10 / 25

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

Bank Balance

Bills Receivable

Trademark

Prepaid Expense

11 / 25

Which one is a direct expense?

Office Rent

Selling Expense

Commission

Wages

12 / 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

13 / 25

Net Sales - Gross Profit =?

COGS

Net Income

Operating Income

Gross Purchase

14 / 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

15 / 25

"Bad Debt Reserve" is a

Allocation of Profit

Reserve

Loss

Reverse Asset

16 / 25

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

Prepaid expenses

Bad debts recovered

Prepaid wages

Amortization

17 / 25

"Transaction" is a

Probable Event

Dependable Event

Conditional Event

Historical Event

18 / 25

Which of the following is an example of current liabilities?

Bills Receivable

Bank Overdraft

Prepaid Expenses

Mortgage

19 / 25

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

Nominal Account

Asset Account

Personal Account

Capital Account

20 / 25

The daily book of accounts is

Ledger

Journal

Trial balance

Worksheet

21 / 25

Which accounts will be closed after the fiscal year ends?

Capital

Liabilities

Assets

Nominal

22 / 25

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

Accrual

Dividend

Retained Earnings

Liability

23 / 25

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

Operating Expenses

Retained Earnings

Owner's Equity

Net Income

24 / 25

"Depreciation" charged on

Goodwill

Bills Payable

Land

Building

25 / 25

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

Going Concern

Materiality

Full Disclosure

Matching

Your score is

The average score is 48%

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Accounting Quiz-05 (Mixed)

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