Accounting Quiz-07 (Mixed) - Everything about Accounting

A quiz is an important tool for developing mental skills. And to develop this mental skill we have brought the Accounting Quiz section. If you practice these quizzes regularly, it will definitely increase your mental 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?

Let’s Start

Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

241

Created on May 04, 2020 By

admin

Accounting Quiz-07 (Mixed)

Best of Luck!

1 / 25

Which of the following is prepared for the purchase return?

Debit Note

Credit Note

Debit Voucher

Credit Voucher

2 / 25

What is the main objective of depreciation?

Identify the actual profit

Reserve capital

Identify the correct manufacturing cost

All of these

3 / 25

“Machinery Installation” is a

Revenue Expenditure

Capital Expenditure

Repair and Maintenance expense

Purchase Expense

4 / 25

"Income tax" is applied on

Capital

Cost

Asset

Income

5 / 25

“Advance Rent” is a

Asset

Liability

Income

Expense

6 / 25

If you want to make a 50% mark up on sales then how many percentages you have to charge on Purchase?

20%

50%

100%

33.33%

7 / 25

Identify the correct journal entry for “Cash withdrawn from a bank.”

Drawing-Dr. and Cash-Cr.

Cash-Dr. and Drawing-Cr.

Bank-Dr. and Cash-Cr.

Cash-Dr. and Bank-Cr.

8 / 25

“Unearned Revenue” is a

Expense

Liability

Asset

Income

9 / 25

On which day is the International Accounting Day celebrated?

10th November

11th November

8th November

7th November

10 / 25

”Cash” is not paid for which expense?

Depreciation

Prepaid Insurance

Salary

Rent

11 / 25

Single entry accounting system is a

Ancient System

Modern System

Incomplete System

Complete System

12 / 25

Which of the following is not included in the cash book?

Cash Payment

Cash Receipt

Cash Discount

Trade Discount

13 / 25

Preliminary expense is a

Revenue Expenditure

Capital Expenditure

Revenue Income

Capital Income

14 / 25

Net profit $30,000, Tax Rate 40%, profit before tax will be

$60,000

$12,000

$50,000

$45,000

15 / 25

Which of the following is the most liquid asset of the company?

Inventory

Cash

Accounts Receivable

Prepaid Expense

16 / 25

Which of the following accounts are not included in the Balance Sheet?

Assets Accounts

Personal Accounts

Real Accounts

Nominal Accounts

17 / 25

The former name of “IFRS” is

IASC

IAS

IFSR

CAAT

18 / 25

In which year “IASC” was established?

1971

1973

1974

1975

19 / 25

Which of the following step is not mandatory in the accounting cycle?

Journal

Adjusting Entry

Financial Statement

Worksheet

20 / 25

Which of the following is not an example of an intangible asset?

Patent

Goodwill

Furniture

21 / 25

Adjusting entry is given for

Income

Expense

Depreciation

None of These

22 / 25

Which of the following is not included in the financial statement?

Trial Balance

Income Statement

Balance Sheet

Owners Equity Statement

23 / 25

Owner investment is considered as liability according to

Going-concern Concept

Cost Principle

Entity Concept

Full Disclosure Principle

24 / 25

Who is called the internal user of accounting information?

Trade Union

Government

Chamber of Commerce

Internal Auditor

25 / 25

The rectification journal entry is given according to

Cost Principle

Full-Disclosure Principle

Entity Concept

Going-Concern Concept

Your score is

The average score is 46%

You can also test:

Accounting Quiz (Mixed)

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

Rules

Leave a Comment Cancel reply