Accounting Quiz 1
1 / 50
If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
2 / 50
The amount invested by the proprietor to start the business is called:
3 / 50
Sales return is also known as____________?
4 / 50
Which of the following will affect the agreement of a trial balance?
5 / 50
Cash discount is provided on _______________?
6 / 50
Which of the following account with normal balance is shown at the debit side of a trial balance?
7 / 50
The systems of accounting are _____________?
8 / 50
An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
9 / 50
A systematic way to maintain the books of accounts is called_________?
10 / 50
Which of the following specialized journals records ?goods returned by customers??
11 / 50
________ is the common base for preparing a trial balance?
12 / 50
Trial balance is prepared to check accuracy of_______________?
13 / 50
Which of the following account with normal balance is shown at the credit side of a trial balance?
14 / 50
reduction in price is called:
15 / 50
Building and furniture are called ____________?
16 / 50
When owner withdraw cash for its private use, it is called ___________?
17 / 50
Which of the following specialised journals will record ?goods returned by the BUSINESS ??
18 / 50
Sales on credit is recorded in which of the following journal?
19 / 50
A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?
20 / 50
Sales and purchase journal don?t record__________?
21 / 50
The maintenance of accounts in a systematic way is called__________?
22 / 50
The person to whom goods are sold on credit is called___________?
23 / 50
Which of the following is a type of cash receipt journal + cash payment journal?
24 / 50
Assets having physical existence are called ___________?
25 / 50
Transactions that a BUSINESS doesn?t record in any specialised journal are recorded in which of the following journals or day books?
26 / 50
Institute of Chartered Accountants of Pakistan was established in____________?
27 / 50
The assets which have some market value are called ____________?
28 / 50
Modern system of book keeping is called______________?
29 / 50
For the business, capital is ____________?
30 / 50
Obligation of the Business are known as___________?
31 / 50
The unsold goods are ______________?
32 / 50
Goods sent on approval basis? have been recorded as ?Credit sales?. This is an example of____________?
33 / 50
The concession received on the price of defective goods is called:
34 / 50
Another name of journal is_____________?
35 / 50
Trial balance is commonly prepared?
36 / 50
Debts which are payable in the course of a month are called _____________?
37 / 50
The assets which come into existence upon the happening of a certain event are called__________?
38 / 50
Goods return to supplier are known as:__________?
39 / 50
Double entry means______________?
40 / 50
Which of the following is true about a trial balance?
41 / 50
Cash brought by the owner to start business is called__________?
42 / 50
Goods Return by the customer are termed as :
43 / 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.
44 / 50
Discount received is a/an:
45 / 50
Cash received from debtor is recorded in which of the following SPECIALIZED journals?
46 / 50
Income earned but not received is called ____________?
47 / 50
In support of business transaction, any written evidence is called ___________?
48 / 50
Debit balance = Credit balance in a trial balance indicates that:
49 / 50
When goods, in which business deals are sold, it is called___________?
50 / 50
The excess of current assets over current liabilities is called:
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