Basic Accounts Quiz: Trivia Exam!

20 Questions | By HighQTheHR | Last updated: Mar 19, 2022 | Total Attempts: 121

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Basic Accounts Quiz: Trivia Exam! - Quiz

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