Accounting Concepts Test Quiz! Trivia

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Accounting Concepts Test Quiz! Trivia - Quiz

Accounting concepts are out in place to ensure that accounting processes are uniform. An accountant must have a good understanding of these concepts. Did you know that once a business chooses to use a specific accounting method, it should continue using it on a go-forward basis? Do take up this quiz and see how well you understand the many concepts. All the best!

Questions and Answers
  • 1. 
    Which one of the following is a current liability?
    • A. 

      Debtor

    • B. 

      Creditor

    • C. 

      Advertisement

    • D. 

      Debentures

  • 2. 
    Which one of the following is not an internal user of accounting information?
    • A. 

      Owner

    • B. 

      Government 

    • C. 

      Employees

    • D. 

      Management

  • 3. 
    The other name of prudence principle is_______
  • 4. 
    Debentures are short term liabilities.
    • A. 

      True

    • B. 

      False

  • 5. 
    Income can be calculated as
    • A. 

      Revenue+expenditure

    • B. 

      Revenue-expenditure

    • C. 

      Revenue-expense

    • D. 

      Revenue+expense

  • 6. 
    Capital is considered to be an internal_________
    • A. 

      Asset

    • B. 

      Revenue

    • C. 

      Liability

    • D. 

      Benefit

  • 7. 
    According to which assumption it is assumed that a business will continue for a foreseeable period.
    • A. 

      Prudence

    • B. 

      Consistency

    • C. 

      Money measurement

    • D. 

      Going concern

  • 8. 
    Accounting begins when bookkeeping ends.
    • A. 

      True

    • B. 

      False

  • 9. 
    Full form of ICAI is
  • 10. 
    Bank overdraft is an asset.
    • A. 

      True

    • B. 

      False

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