MCQGeeks
0 : 0 : 1
CBSE
JEE
NTSE
NEET
English
UK Quiz
Quiz
Driving Test
Practice
Games
Quiz
Commerce
Accounting
Quiz 15
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Q.1
Accounting entries involve a minimum of how many accounts?
One
Two
Three
Four
Q.2
One of the following is an example of materiality concept:
Purchase of pencil recorded as an expense instead of including in stock
Purchase of car for private use
Purchase of plant for business
Purchase of building to extend the business
Q.3
Unearned Revenues is what type of account?
Asset
Liability
Stockholders' Equity
Q.4
The petty cash fund is a liability with a normal debit balance.
True
False
Q.5
Uncollected cheques are also known as?
Outstanding cheques
Uncleared cheques
Outstation cheques
Both A & B
Q.6
The business or economic entity concept is applicable to
sole proprietorship form of business
partnership form of business
corporate form of business
all of the above
Q.7
Unfavourable balance means?
Credit balance in cash book
Credit balance in bank statement
Debit balance in cash book
Debit balance in petty cash book
Q.8
Favourable balance means?
Credit balance in the cash book
Credit balance in the bank statement
Debit balance in cash book
Both B & C
Q.9
The accounting equation is
Assets = Liabilities + Owner's Equity
Assets = Liabilities - Owner's Equity
Assets - Owner's Equity + Liability
Q.10
Switching accounting principles every year would violate the
money measurement principle
consistency principle
Q.11
Assets taken out of a business for the owner's personal use
capital
withdrawals
equities
revenue
Q.12
Entries to revenues accounts such as Service Revenues are usually
Debits
Credits
Q.13
Entries to expenses such as Rent Expense are usually
Debits
Credits
Q.14
Anything of value that is owned
account
asset
withdrawal
expense
Q.15
A decrease in owner's equity resulting from the operation of a business
account
capital
asset
expense
Q.16
Investment by owner
Dr. Cash Cr. Revenue
Dr. Owner's Capital Cr. Cash
Dr. Cash Cr. Accounts Receivable
Dr. Cash Cr. Owner's Capital
Q.17
To which account in the Balance Sheet is the net income or net loss transferred to at the end of the accounting period?
Retained Earnings
Cash
Accounts Receivable
Inventory
Q.18
What will usually cause an asset account to increase?
Debit
Credit
Q.19
Liabilities often have the word __________ in their account title.
Assets
Payable
Paid
Equity
Q.20
A business owned by one person
service business
revenue
expense
proprietorship
Q.21
The balance on the debit side of the bank column of cash book indicates?
The total amount that has been drawn from the bank
Cash at bank
The total amount overdraft in the bank
None of above
Q.22
Amount owed by a business
liability
asset
capital
account
Q.23
Which of the following are Assets?
Bank Account
Vehicles
Furniture and fittings
All of above
Q.24
Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements
realization of revenue
materiality
unit of measurement
consistent reporting
Q.25
What will usually cause the liability account Accounts Payable to increase?
Debit
Credit
Q.26
Things you own are asset or liability
Asset
Liability
Q.27
A balance sheet reports a business's financial
Condition over a specific period of time
Progress over a specific period of time
Condition on a specific date
Progress on a specific date
Q.28
A petty cash fund is always replenished
a. daily.
b. weekly.
c. at the end of the month.
d. none of these.
Q.29
What is the difference between cash and credit transaction?
credit no cash involved
you pay in cash
you buy witout using cash
none of the above
Q.30
Financial reports that summarize the financial condition and operations of a business
financial statements
ethics
withdrawals
equities
0 h : 0 m : 1 s
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Support mcqgeeks.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page