Basic Accounts Quiz: Trivia Exam!

20 Questions | Total Attempts: 87

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Basic Accounts Quiz: Trivia Exam!

Accounting is all about the proper reporting of business transactions in the correct books of accounts. This is done to correctly show how the company finances stand at a given point. What do you know about the double-entry rule and other accounting basics? This quiz will help you find out. Do give it a try and see how skilled you are as an accountant!


Questions and Answers
  • 1. 
    The goal of managerial accounting is to provide the information that managers need for all of the following EXCEPT:
    • A. 

      Planning

    • B. 

      Control

    • C. 

      Decision Making

    • D. 

      Review

  • 2. 
    The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
    • A. 

      Balance Sheet

    • B. 

      Income Statement

    • C. 

      Cash flow statement

    • D. 

      All of the above

  • 3. 
    Under the accrual basis of accounting, revenues are reported in the accounting period when the
    • A. 

      Cash is received

    • B. 

      Goods have been deliveres

    • C. 

      None of the above

    • D. 

      Option 4

  • 4. 
    Revenues minus expenses equals __________ 
    • A. 

      Profit

    • B. 

      Loss

    • C. 

      No profit no loss

    • D. 

      Option 4

  • 5. 
    Assets are usually reported on the balance sheet at which amount?
    • A. 

      Cost

    • B. 

      Current Market Value

    • C. 

      Expected Selling Price

    • D. 

      Option 4

  • 6. 
    Accounting entries involve a minimum of how many accounts?
    • A. 

      One

    • B. 

      Two

    • C. 

      Three

    • D. 

      None of These

  • 7. 
    Which term is associated with the left side?
    • A. 

      Debit

    • B. 

      Credit

    • C. 

      No Entry

    • D. 

      None

  • 8. 
    When cash is received, Cash A/c will be?
    • A. 

      Debited

    • B. 

      Credited

    • C. 

      No Entry

    • D. 

      Option 4

  • 9. 
    When expense is incurred, Expense A/c will be?
    • A. 

      Debited

    • B. 

      Credited

    • C. 

      No entry

    • D. 

      Option 4

  • 10. 
    In journal, what will usually cause an asset to increase?
    • A. 

      Debit

    • B. 

      Credit

    • C. 

      No entry

    • D. 

      Option 4

  • 11. 
    Closing stock is not shown in?
    • A. 

      Balance Sheet

    • B. 

      Trading A/c

    • C. 

      Trial Balance

    • D. 

      All of the above

  • 12. 
    What will usually cause the liability account Accounts Payable to increase?
    • A. 

      Debit

    • B. 

      Credit

    • C. 

      No entry

    • D. 

      Option 4

  • 13. 
    Drawings is ---------------------- capital invested.
    • A. 

      Added to

    • B. 

      Subtracted from

    • C. 

      Proportionately Divided by

    • D. 

      None of the above

  • 14. 
    Debtor is an
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Income

    • D. 

      None of these

  • 15. 
    All expenses and losses are debited under:
    • A. 

      Real Account

    • B. 

      Nominal Account

    • C. 

      Personal Account

    • D. 

      None of the above

  • 16. 
    Assets do not include:
    • A. 

      Goodwill

    • B. 

      Bills Receivable

    • C. 

      Bills Payable

    • D. 

      Cash at Bank

  • 17. 
    Generally, fixed assets are:
    • A. 

      For resale

    • B. 

      Not for resale purpose

    • C. 

      For status & symbol

    • D. 

      None of the above

  • 18. 
    Carriage Outwards is recorded in:
    • A. 

      Trading Account

    • B. 

      Proft & Loss Account

    • C. 

      Balance Sheet

    • D. 

      All of the above

  • 19. 
    Provision for Doubtful Debts is created in:
    • A. 

      Debit side of Trading Account

    • B. 

      Credit Side of Trading Account

    • C. 

      Debit Side of Profit & Loss Account

    • D. 

      Credit Side of Profit & Loss Account

  • 20. 
    What will be the entry for starting a business with cash and machinery? I. Cash A/C.................Dr Machinery A/C ........Dr To Capital A/c II. Capital A/c ..............Dr Machinery A/c ........Dr To Cash A/c III. Capital A/c .............Dr To Cash A/c To Machinery A/c  
    • A. 

      I

    • B. 

      II

    • C. 

      III

    • D. 

      None of these

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