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Accounting Quiz 1

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Accounting Quiz 1

1 / 50

Goods Return by the customer are termed as :

2 / 50

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

3 / 50

Sales return is also known as____________?

4 / 50

Modern system of book keeping is called______________?

5 / 50

Sales and purchase journal don?t record__________?

6 / 50

Trial balance is commonly prepared?

7 / 50

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

8 / 50

Income earned but not received is called ____________?

9 / 50

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

10 / 50

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

11 / 50

The maintenance of accounts in a systematic way is called__________?

12 / 50

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

13 / 50

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

14 / 50

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

15 / 50

The assets which have some market value are called ____________?

16 / 50

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

17 / 50

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

18 / 50

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

19 / 50

For the business, capital is ____________?

20 / 50

Assets having physical existence are called ___________?

21 / 50

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

22 / 50

Goods return to supplier are known as:__________?

23 / 50

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

24 / 50

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

25 / 50

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

26 / 50

Which of the following is true about a trial balance?

27 / 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.

28 / 50

Cash discount is provided on _______________?

29 / 50

reduction in price is called:

30 / 50

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

31 / 50

Double entry means______________?

32 / 50

The unsold goods are ______________?

33 / 50

Trial balance is prepared to check accuracy of_______________?

34 / 50

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

35 / 50

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

36 / 50

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

37 / 50

Cash brought by the owner to start business is called__________?

38 / 50

Discount received is a/an:

39 / 50

Building and furniture are called ____________?

40 / 50

Institute of Chartered Accountants of Pakistan was established in____________?

41 / 50

________ is the common base for preparing a trial balance?

42 / 50

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

43 / 50

Another name of journal is_____________?

44 / 50

Obligation of the Business are known as___________?

45 / 50

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

46 / 50

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

47 / 50

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

48 / 50

The excess of current assets over current liabilities is called:

49 / 50

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

50 / 50

The systems of accounting are _____________?

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