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!
- 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
Questions: 41 | Attempts: 65876 | Last updated: Nov 16, 2020
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