Accounting Quiz-06 (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-06

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1 / 25

The process of recording financial transactions chronologically in a general ledger is called:

Journalizing

Posting

Balancing

Trial Balance

2 / 25

"Balance Sheet" is a

Nominal Account

Personal Account

Asset Account

None of These

3 / 25

Which of the following accounts is excluded from the post-closing trial balance?

Accrued Interest

Commission

Depreciation Reserve

Prepaid insurance

4 / 25

Purchased stationery includes 15% VAT; debit will be

VAT Current Account

Purchase Account

Stationary Account

Cash Account

5 / 25

Which of the following accounts normally has a debit balance?

Accounts Receivable

Accounts Payable

Revenue

Owner's Equity

6 / 25

Which of the following is not a qualitative characteristic of a financial statement?

Relevance

Historical Cost

Consistency

Reliability

7 / 25

Which of the following is not a step in the accounting process?

Identification

Communication

Recording

Justification

8 / 25

Which of the following accounts is included on the profit and loss statement?

Asset Accounts

Personal Accounts

Real Accounts

Nominal Accounts

9 / 25

"Unearned Revenue" is a

Advance Income

Long term Liability

Asset

Liability

10 / 25

Which of the following events is not an example of a transaction?

Paid previous month rent

Goods purchased on credit

Sales decreased than last month

Charged depreciation on furniture

11 / 25

"Received from Finch as a loan" Determine the proper journal entry for this transaction.

Finch Debit, Cash Credit

Cash Debit, Loan Credit

Cash Debit, Finch Credit

Loan Debit, Cash Credit

12 / 25

“Entity Principle” means

Keeping ownership limited to one person

Keeping company cheques instead of personal cheques

keeping personal and business financial data separate

Listing assets at the price that they were purchased

13 / 25

When goods sold on credit are returned by the buyer, the book usually states:

Purchase Return Book

Sales Journal Book

General Journal Book

Sales Return Book

14 / 25

Which one of the following accounts is closed at the end of the fiscal year?

Capital A/C

Furniture A/C

Advance Rent A/C

Drawing A/C

15 / 25

Bad debt reserve is a

Asset

Income

Liability

Contra Asset

16 / 25

Which of the following transactions does not affect the owners' equity?

Proposed dividend

Issued equity shares

Paid dividend

Distributed bonus shares

17 / 25

Which of the following is considered a deferred revenue expenditure?

Depreciation

Building

Preliminary Expense

Advance Rent

18 / 25

Full-Form of “AAA”

American Accounting Association

American Account Association

American Account Associate

American Accounting Associate

19 / 25

Which language is the origin of the words "Debit and Credit"?

English

Roman

Italian

German

20 / 25

An expense that is incurred but not yet paid is recorded as an:

Prepaid Expense

Account Payable

Inventory

Accrued Expense

21 / 25

"Income Tax" is a

Expense

Asset

Liability

Drawing

22 / 25

Depreciation is the process of allocating costs for what?

Current Asset

Liability

Fixed Asset

Income Statement

23 / 25

Which of the following accounts appears on the credit side of the Trial Balance?

Purchase Return

Carriage Inward

Sales Discount

Advance Rent

24 / 25

Fixed assets are shown in the balance sheet according to

Matching Principle

Cost principle

Relevancy Principle

Full Disclosure Principle

25 / 25

Normally, which of these accounts has a credit balance?

Income, Capital, Liability

Income, Capital, Asset

Liability, Capital, Expense

Asset, Drawing, Expense

Your score is

The average score is 49%

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Accounting Quiz (Mixed)

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