Accounting Knowledge

5 Questions

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Accounting Quizzes & Trivia

Book keeping is very essential to any business that wants to keep track of its costs and income. The process does not look so complicated in a sole proprietorship when compared to a large company. Test your knowledge of book keeping by taking up the simple quiz below. Good luck!


Questions and Answers
  • 1. 
    Book keeping is a systematic method of recording the __________ in the books of accounts
    • A. 

      Cash Transaction

    • B. 

      Credit Transaction

    • C. 

      Business Transaction

  • 2. 
    Under _______ system only cash transactions are recorded in the books of accounts
    • A. 

      Single Entry System

    • B. 

      Cash Systeme

    • C. 

      Double Entry System

  • 3. 
    ___________  is a negotiable instrument in writing signed by the drawer directing the bank to pay certain sum of money to or to the order of a drawee or the drawer.
    • A. 

      Cheque

    • B. 

      PAss Book

    • C. 

      Debit Note

  • 4. 
    Freight paid on goods purchase is chareable to ______ account
    • A. 

      Trading Account

    • B. 

      Profit and Loss Account

    • C. 

      Balance Sheet

  • 5. 
    The principle applied for the valuation of __________ is cost or marked price whichever is lower.
    • A. 

      Opening Stock

    • B. 

      Closing Stock

    • C. 

      Stock in Hand