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.

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

Let’s Start

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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

“Unearned Revenue” is a

Expense

Liability

Asset

Income

2 / 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%

3 / 25

“Advance Rent” is a

Asset

Liability

Income

Expense

4 / 25

Owner investment is considered a liability, according to

Going-concern Concept

Cost Principle

Entity Concept

Full Disclosure Principle

5 / 25

"Income tax" is applied on

Capital

Cost

Asset

Income

6 / 25

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

$60,000

$12,000

$50,000

$45,000

7 / 25

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

Journal

Adjusting Entry

Financial Statement

Worksheet

8 / 25

The previous name of "IFRS" was

IASC

IAS

IFSR

CAAT

9 / 25

What day is International Accounting Day celebrated?

10th November

11th November

8th November

7th November

10 / 25

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

Trial Balance

Income Statement

Balance Sheet

Owners Equity Statement

11 / 25

“Machinery Installation” is a

Revenue Expenditure

Capital Expenditure

Repair and Maintenance expense

Purchase Expense

12 / 25

Who is the internal user of accounting information?

Trade Union

Government

Chamber of Commerce

Internal Auditor

13 / 25

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

Cash Payment

Cash Receipt

Cash Discount

Trade Discount

14 / 25

Which of the following documents is prepared for purchase returns?

Debit Note

Credit Note

Debit Voucher

Credit Voucher

15 / 25

"Preliminary expense" is a

Revenue Expenditure

Capital Expenditure

Revenue Income

Capital Income

16 / 25

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

Inventory

Cash

Accounts Receivable

Prepaid Expense

17 / 25

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

Patent

Goodwill

Furniture

18 / 25

What year was "IASC" founded?

1971

1973

1974

1975

19 / 25

Which expense is not paid with "cash"?

Depreciation

Prepaid Insurance

Salary

Rent

20 / 25

A single-entry accounting system is a

Ancient System

Modern System

Incomplete System

Complete System

21 / 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.

22 / 25

The rectification journal entry is given according to

Cost Principle

Full-Disclosure Principle

Entity Concept

Going-Concern Concept

23 / 25

What is the primary objective of depreciation?

Identify the actual profit

Reserve capital

Identify the correct manufacturing cost

All of these

24 / 25

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

Assets Accounts

Personal Accounts

Real Accounts

Nominal Accounts

25 / 25

An adjusting entry is given for

Income

Expense

Depreciation

None of These

Your score is

The average score is 45%

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