A Quick Accounting Knowledge Quiz Part II

8 Questions | Total Attempts: 1458

SettingsSettingsSettings
Please wait...
Accounting Quizzes & Trivia

Welcome to part II of A Quick Accounting Knowledge Quiz. 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. 
    Bookkeeping 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

  • 6. 
    Revenue is:
    • A. 

      Costs of selling products or services

    • B. 

      Sales of products or services

    • C. 

      Distributions to stockholders

    • D. 

      None of the above

  • 7. 
    Expenses are the costs of selling products or services.
    • A. 

      True

    • B. 

      False

  • 8. 
    Sales of products or services are called stockholders' equity.
    • A. 

      True

    • B. 

      False