Accounting Quiz-07 (Mixed)

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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.

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Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

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Accounting Quiz-07

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

1 / 25

What is the primary objective of depreciation?

Identify the actual profit

Reserve capital

Identify the correct manufacturing cost

All of these

2 / 25

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

Inventory

Cash

Accounts Receivable

Prepaid Expense

3 / 25

"Income tax" is applied on

Capital

Cost

Asset

Income

4 / 25

A single-entry accounting system is a

Ancient System

Modern System

Incomplete System

Complete System

5 / 25

Identify the correct journal entry for the transaction “Cash withdrawn from a bank.”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

6 / 25

An adjusting entry is given for

Income

Expense

Depreciation

None of These

7 / 25

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

$60,000

$12,000

$50,000

$45,000

8 / 25

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

Patent

Goodwill

Furniture

9 / 25

Owner investment is considered a liability, according to

Going-concern Concept

Cost Principle

Entity Concept

Full Disclosure Principle

10 / 25

Which of the following documents is prepared for purchase returns?

Debit Note

Credit Note

Debit Voucher

Credit Voucher

11 / 25

Which one of the following is not included in the financial statements?

Trial Balance

Income Statement

Balance Sheet

Owners Equity Statement

12 / 25

“Unearned Revenue” is a

Expense

Liability

Asset

Income

13 / 25

Which of the following accounts is not included on the Balance Sheet?

Assets Accounts

Personal Accounts

Real Accounts

Nominal Accounts

14 / 25

Which of the following steps is not necessary in the accounting cycle?

Journal

Adjusting Entry

Financial Statement

Worksheet

15 / 25

“Machinery Installation” is a

Revenue Expenditure

Capital Expenditure

Repair and Maintenance expense

Purchase Expense

16 / 25

The rectification journal entry is given according to

Cost Principle

Full-Disclosure Principle

Entity Concept

Going-Concern Concept

17 / 25

What day is International Accounting Day celebrated?

10th November

11th November

8th November

7th November

18 / 25

"Preliminary expense" is a

Revenue Expenditure

Capital Expenditure

Revenue Income

Capital Income

19 / 25

The previous name of "IFRS" was

IASC

IAS

IFSR

CAAT

20 / 25

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

Cash Payment

Cash Receipt

Cash Discount

Trade Discount

21 / 25

Who is the internal user of accounting information?

Trade Union

Government

Chamber of Commerce

Internal Auditor

22 / 25

If you want to make a 50% profit on sales, how many percentages do you need to charge on purchases?

20%

50%

100%

33.33%

23 / 25

What year was "IASC" founded?

1971

1973

1974

1975

24 / 25

Which expense is not paid with "cash"?

Depreciation

Prepaid Insurance

Salary

Rent

25 / 25

“Advance Rent” is a

Asset

Liability

Income

Expense

Your score is

The average score is 45%

You can also test:

Accounting Quiz (Mixed)

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