Test Your Accounting Concepts Knowledge! Trivia Questions Quiz
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Test Your Accounting Concepts Knowledge using this Trivia Questions Quiz. Accounting is a major department in any organization as it is tasked with collection, recording and use of funds as needed to meet the objectives of the organizations. Press the start button and get to see if you remember the concepts of a good accounting practice. All the best!
- 1.Costs incurred to increase the operating efficiency, productive capacity, or useful life of a plant asset referred to as--------
- A.
Revenue expenditures
- B.
Capital expenditures
- C.
Both
- D.
None of the above
- 2.Give the owner the exclusive right to reproduce and sell an artistic or published work.
- A.
Patents
- B.
Copyrights
- C.
Franchises or licenses
- D.
Trademarks or trade names
- 3.All of the following are characteristics of partnerships except
- A.
Co-ownership of property
- B.
Mutual agency
- C.
Limited life
- D.
Limited liability.
- 4.Exclusive right to manufacture, sell or otherwise control an invention for a period of 20 years from the date of the grant.
- A.
Patents
- B.
Copyrights
- C.
Franchises or licenses
- D.
None of the above
- 5.A contingent liability should be recorded in the accounts when:
- A.
it is probable the contingency will happen, but the amount cannot be reasonably estimated.
- B.
It is reasonably possible the contingency will happen, and the amount can be reasonably estimated..
- C.
It is probable the contingency will happen, and the amount can be reasonably estimated..
- D.
It is reasonably possible the contingency will happen, but the amount cannot be reasonably estimated
- 6.Trademark or trade name has legal protection for indefinite number of 10 year renewal periods
- A.
True
- B.
False
- 7.Working capital = Current assets + Current liabilities.
- A.
True
- B.
False
- 8.When a partner invests non-cash assets in a partnership, the assets should be recorded at the book value.
- A.
True
- B.
False
- 9.Revenues that are received before the company delivers goods or provides services is called as Unearned Revenue.
- A.
True
- B.
False
- 10.Depreciation is the process of allocating the cost of intangible assets to the expense.
- A.
True
- B.
False
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