Accounting Quiz-07 (Mixed) - Everything about Accounting

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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

The previous name of "IFRS" was

IASC

IAS

IFSR

CAAT

2 / 25

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

Journal

Adjusting Entry

Financial Statement

Worksheet

3 / 25

The rectification journal entry is given according to

Cost Principle

Full-Disclosure Principle

Entity Concept

Going-Concern Concept

4 / 25

A single-entry accounting system is a

Ancient System

Modern System

Incomplete System

Complete System

5 / 25

What day is International Accounting Day celebrated?

10th November

11th November

8th November

7th November

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Identify the correct journal entry for the transaction “Cash withdrawn from a bank.”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

7 / 25

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

$60,000

$12,000

$50,000

$45,000

8 / 25

What year was "IASC" founded?

1971

1973

1974

1975

9 / 25

"Income tax" is applied on

Capital

Cost

Asset

Income

10 / 25

Who is the internal user of accounting information?

Trade Union

Government

Chamber of Commerce

Internal Auditor

11 / 25

“Unearned Revenue” is a

Expense

Liability

Asset

Income

12 / 25

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

Assets Accounts

Personal Accounts

Real Accounts

Nominal Accounts

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 is the company's most liquid asset?

Inventory

Cash

Accounts Receivable

Prepaid Expense

15 / 25

“Machinery Installation” is a

Revenue Expenditure

Capital Expenditure

Repair and Maintenance expense

Purchase Expense

16 / 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%

17 / 25

“Advance Rent” is a

Asset

Liability

Income

Expense

18 / 25

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

Patent

Goodwill

Furniture

19 / 25

Which of the following documents is prepared for purchase returns?

Debit Note

Credit Note

Debit Voucher

Credit Voucher

20 / 25

Owner investment is considered a liability, according to

Going-concern Concept

Cost Principle

Entity Concept

Full Disclosure Principle

21 / 25

"Preliminary expense" is a

Revenue Expenditure

Capital Expenditure

Revenue Income

Capital Income

22 / 25

Which expense is not paid with "cash"?

Depreciation

Prepaid Insurance

Salary

Rent

23 / 25

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

Trial Balance

Income Statement

Balance Sheet

Owners Equity Statement

24 / 25

What is the primary objective of depreciation?

Identify the actual profit

Reserve capital

Identify the correct manufacturing cost

All of these

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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Accounting Quiz (Mixed)

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