Home » Accounting Quiz » Accounting Quiz 2

Accounting Quiz 2

0%
4

Accounting Quiz 2

1 / 50

The normal balance of asset account is____________?

2 / 50

Identify the correct sequence of accounting process

3 / 50

An asset posses which of the following?

4 / 50

The normal balance of capital account is_____________?

5 / 50

Credit purchase of plant and machinery is recorded in which of the following journals?

6 / 50

Which of the following is the external user of financial statements?

7 / 50

Identify the nominal account

8 / 50

Which is the most important characteristic that all assets of a business have?

9 / 50

Which of the following is a liability?

10 / 50

________ is the gross inflow of economic benefits?

11 / 50

Liability are arisen from which of the following events?

12 / 50

Which of the following is the internal user of financial statements?

13 / 50

Keeping the log of financial information in books of original entries is called__________?

14 / 50

Net loss occurs when______________?

15 / 50

A brief explanation recorded below every entry in general journal is commonly known as__________?

16 / 50

Credit memo or credit note No. is entered in which of the following journal?

17 / 50

Cash purchases is recorded in which of the following specialized journals?

18 / 50

Which of the following is the normal balance of a rent expense account?

19 / 50

Which of the following is known as an evidence that a transaction took place?

20 / 50

BUSINESS paid rent amounting to $100? which of the following specialized journals records this transaction?

21 / 50

What is the basic accounting equation?

22 / 50

_________ will be credited if goods are given as charity?

23 / 50

An asset must be _______ by the business to be shown as an asset in its ?balance sheet?

24 / 50

Liabilities are which of the following?

25 / 50

What is equity?

26 / 50

Specialized journals are more adequate for which TYPE OF BUSINESSES?

27 / 50

For which step of accounting process the accountants of business entity prepare financial statements?

28 / 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?

29 / 50

Debit note is the basis for recording a transaction in which of the following journals?

30 / 50

Double entry implies that

31 / 50

Which of the following statements is incorrect regarding capital account?

32 / 50

________ is a separate legal entity that Total capital can be divided in many shares.

33 / 50

_________ is the first phase of accounting cycle?

34 / 50

Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

35 / 50

Which of the following is known as the base for preparing trial balance?

36 / 50

If debit balance is greater than creadit balance then the account blance will be__________?

37 / 50

Financial accounting provides financial information to all of the following external users except:

38 / 50

An account records the ___________ in the balance of an item?

39 / 50

Which of the following accounts can be classified as a real account?

40 / 50

The gross decrease in economic benefits for the business are what?

41 / 50

Transferring entries from journal to ledger account is commonly known as____________?

42 / 50

Identify the asset from the following:

43 / 50

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

44 / 50

SALE of old furniture? will be recorded in which of the following specialised journals?

45 / 50

Financial statements differ from management account because

46 / 50

Auditing is what?

47 / 50

The normal balance of liability account is____________?

48 / 50

Bookkeeping mainly concerns with which part of accounting process?

49 / 50

If credit side of a bank account is greater than the debit side, it indicates which of the following?

50 / 50

If debit side of a bank account is greater than credit side it indicates which of the following?

Provide Your Information

Your score is

The average score is 57%

0%

Share on facebook
Facebook
Share on twitter
Twitter
Share on whatsapp
WhatsApp
Accounting Quiz 1
Accounting Quiz 3
Accounting Quiz 4
Accounting Quiz 5
Accounting Quiz 6
Accounting Quiz 7
Accounting Quiz 8

Help Concept 360 Please. We need 500 Youtube Subscriber. Please Subscribe our Youtube Channel. Click below link to subscribe Please

آپ سے گزارش ہے کہ ہمارے یوٹیوب چینل کوسبسکرائب کر کے ہماری مدد کریں جیسا کہ یہ ویب سائٹ آپکی مدد کر رہی ہے۔ شکریہ