Accounting Quiz 2
1 / 50
Auditing is what?
2 / 50
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
3 / 50
Which of the following is a liability?
4 / 50
What is equity?
5 / 50
SALE of old furniture? will be recorded in which of the following specialised journals?
6 / 50
What is the basic accounting equation?
7 / 50
Which is the most important characteristic that all assets of a business have?
8 / 50
A brief explanation recorded below every entry in general journal is commonly known as__________?
9 / 50
Net loss occurs when______________?
10 / 50
Which of the following is the external user of financial statements?
11 / 50
Bookkeeping mainly concerns with which part of accounting process?
12 / 50
An asset must be _______ by the business to be shown as an asset in its ?balance sheet?
13 / 50
Identify the nominal account
14 / 50
Cash purchases is recorded in which of the following specialized journals?
15 / 50
Financial accounting provides financial information to all of the following external users except:
16 / 50
Liabilities are which of the following?
17 / 50
Debit note is the basis for recording a transaction in which of the following journals?
18 / 50
Which of the following is known as an evidence that a transaction took place?
19 / 50
BUSINESS paid rent amounting to $100? which of the following specialized journals records this transaction?
20 / 50
Identify the asset from the following:
21 / 50
Specialized journals are more adequate for which TYPE OF BUSINESSES?
22 / 50
Which of the following accounts can be classified as a real account?
23 / 50
If debit side of a bank account is greater than credit side it indicates which of the following?
24 / 50
If debit balance is greater than creadit balance then the account blance will be__________?
25 / 50
If credit side of a bank account is greater than the debit side, it indicates which of the following?
26 / 50
The gross decrease in economic benefits for the business are what?
27 / 50
_________ will be credited if goods are given as charity?
28 / 50
An asset posses which of the following?
29 / 50
Financial statements differ from management account because
30 / 50
_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
31 / 50
Identify the correct sequence of accounting process
32 / 50
Which of the following statements is incorrect regarding capital account?
33 / 50
Double entry implies that
34 / 50
Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?
35 / 50
Keeping the log of financial information in books of original entries is called__________?
36 / 50
________ is a separate legal entity that Total capital can be divided in many shares.
37 / 50
The normal balance of liability account is____________?
38 / 50
Credit memo or credit note No. is entered in which of the following journal?
39 / 50
An account records the ___________ in the balance of an item?
40 / 50
For which step of accounting process the accountants of business entity prepare financial statements?
41 / 50
_________ is the first phase of accounting cycle?
42 / 50
Liability are arisen from which of the following events?
43 / 50
The normal balance of capital account is_____________?
44 / 50
Which of the following is the internal user of financial statements?
45 / 50
Which of the following is the normal balance of a rent expense account?
46 / 50
The normal balance of asset account is____________?
47 / 50
________ is the gross inflow of economic benefits?
48 / 50
Credit purchase of plant and machinery is recorded in which of the following journals?
49 / 50
Transferring entries from journal to ledger account is commonly known as____________?
50 / 50
Which of the following is known as the base for preparing trial balance?
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