Accounting Quiz 1

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Accounting Quiz 1

1 / 50

The unsold goods are ______________?

2 / 50

Which of the following account with normal balance is shown at the credit side of a trial balance?

3 / 50

Which of the following is true about a trial balance?

4 / 50

A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

5 / 50

Goods Return by the customer are termed as :

6 / 50

Sales and purchase journal don?t record__________?

7 / 50

Cash received from debtor is recorded in which of the following SPECIALIZED journals?

8 / 50

Transactions that a BUSINESS doesn?t record in any specialised journal are recorded in which of the following journals or day books?

9 / 50

Modern system of book keeping is called______________?

10 / 50

The concession received on the price of defective goods is called:

11 / 50

Which of the following will affect the agreement of a trial balance?

12 / 50

Building and furniture are called ____________?

13 / 50

Institute of Chartered Accountants of Pakistan was established in____________?

14 / 50

Income earned but not received is called ____________?

15 / 50

An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

16 / 50

The person to whom goods are sold on credit is called___________?

17 / 50

Double entry means______________?

18 / 50

When goods, in which business deals are sold, it is called___________?

19 / 50

The amount invested by the proprietor to start the business is called:

20 / 50

Which of the following account with normal balance is shown at the debit side of a trial balance?

21 / 50

Sales return is also known as____________?

22 / 50

Trial balance is prepared to check accuracy of_______________?

23 / 50

The maintenance of accounts in a systematic way is called__________?

24 / 50

Debit balance = Credit balance in a trial balance indicates that:

25 / 50

Which of the following is a type of cash receipt journal + cash payment journal?

26 / 50

When owner withdraw cash for its private use, it is called ___________?

27 / 50

In support of business transaction, any written evidence is called ___________?

28 / 50

The systems of accounting are _____________?

29 / 50

Trial balance is commonly prepared?

30 / 50

The excess of current assets over current liabilities is called:

31 / 50

For the business, capital is ____________?

32 / 50

Cash brought by the owner to start business is called__________?

33 / 50

Sales on credit is recorded in which of the following journal?

34 / 50

Assets having physical existence are called ___________?

35 / 50

Discount received is a/an:

36 / 50

Goods sent on approval basis? have been recorded as ?Credit sales?. This is an example of____________?

37 / 50

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

38 / 50

Cash discount is provided on _______________?

39 / 50

Which of the following specialised journals will record ?goods returned by the BUSINESS ??

40 / 50

Obligation of the Business are known as___________?

41 / 50

Which of the following specialized journals records ?goods returned by customers??

42 / 50

Goods return to supplier are known as:__________?

43 / 50

reduction in price is called:

44 / 50

The assets which have some market value are called ____________?

45 / 50

Debts which are payable in the course of a month are called _____________?

46 / 50

A systematic way to maintain the books of accounts is called_________?

47 / 50

Another name of journal is_____________?

48 / 50

________ is the common base for preparing a trial balance?

49 / 50

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

50 / 50

The assets which come into existence upon the happening of a certain event are called__________?

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