Trivia Quiz On Business Accounting!
Business accounting is the systematic recording, analyzing, interpreting and presenting financial information. Accounting is systematic and can even be tricky at times. Take this quiz to test your knowledge.
- 1.
What is profit?- A.
The surplus after costs have been deducted from sales revenue
- B.
The future benefits of a business
- C.
The future costs a business is going to endure
- D.
None of the above
- 2.
What assumption states that businesses can divide up their activities into artificial time periods?
- A.
Business Entity Concept
- B.
Going Concern Concept
- C.
Monetary unit assumption
- D.
Periodicity assumption
- 3.
What is the purpose of promotion?
- A.
To inform people about products
- B.
To receive customer feedback
- C.
To persuade people to buy a product
- D.
To increase competition in marketplace
- 4.
What is the financial record of sales expenses and net profit in a given period called?
- A.
Budget
- B.
Financial statement
- C.
Income statement
- D.
Mission statement
- 5.
When estimating unearned revenues, what principle applies?
- A.
Converatism Principle
- B.
Historical Cost Principle
- C.
Full Disclosure Principle
- D.
Consistency Principle
- 6.
Which of the following is not one of the main financial documents?
- A.
Purchase orders
- B.
Invoice
- C.
Credit notes
- D.
Delivery notes
- 7.
Which of the following is one of the methods of making payment?
- A.
Profit
- B.
Payment
- C.
Cheque
- D.
None of the above
- 8.
What are the accounts?
- A.
Financial records of business transactions
- B.
Where money is kept
- C.
Businesses
- D.
Where profits are recorded
- 9.
What is depreciation?
- A.
The fall in the value of current assets
- B.
The fall in the value of fixed assets
- C.
The fall in the value of all assets
- D.
None of the above
- 10.
Assets are recorded at their original purchase price according to the:
- A.
Materiality Principle
- B.
Historical Cost Principle
- C.
Cost-Benefit Principle
- D.
Consistency Principle
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