Introduction to accounting Test

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Introduction to accounting Test - 12

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Weekly Quiz Competition

Question 1
1 / -0

The main function of Accounting is :

A
Reliability

B
Comparability

C
Recording and classification of financial transactions

D
Calculation of Profit and Loss only

Solution

recording and classfying are the first two functions of accounting. recording is done in journal and classifying in ledger
Question 2
1 / -0

In the following, which is not the internal user of Accounting?

A
Owners

B
Management

C
Employees

D
Creditors

Solution

creditors are the users of accounting information which are outside the business. they are external users.
Question 3
1 / -0

When both aspects of a transaction are recorded, it is known as :

A
Double Entry System

B
Single Entry System

C
Bahi Khata System

D
None of these

Solution

every transaction in double entry system has two effects.
Question 4
1 / -0

Capital is the money invested by :

A
Proprietor

B
Creditors

C
Bank

D
Debtors

Solution

proprietor is the owner of the business. the money invested in the business by owner is capital
Question 5
1 / -0

A firm earns a revenue of Rs. 5,000 and the expense to earn this revenue is Rs. 3,000. Income of the firm will be :

A
3000

B
2000

C
8000

D
5000

Solution

income is revenue -expense. 5000-3000= 2000
Question 6
1 / -0

11.Which of the following is long term liability ?

A
Outstanding expense

B
Bills payable

C
Creditors

D
Debentures

Solution

debentures are long term liabilities. money borrowed from debentures is repaid in more than 12 months.
Question 7
1 / -0

Which of the following is an intangible asset ?

A
Machinery

B
Patents

C
Bill receivable

D
Furniture

Solution

when the technology of business is registered it is called patents so we cannot see or touch it so it is intangible
Question 8
1 / -0

Which of the following is not a fixed asset ?

A
Cash in hand

B
Computers

C
Building

D
Furniture

Solution

cash in hand is current asset
Question 9
1 / -0

Which of the following is not a business transaction ?

A
Salary paid to manager 15,000

B
Purchased a gift of 2,000 for wife

C
Purchased machinery for 50,000

D
Paid rent for office 5,000

Solution

purchasing gift for wife is personal transaction of owner it will not be counted as business transactions
Question 10
1 / -0

Which of the following is drawings ?

A
Money withdrawn and rent paid for the office 4,000

B
Money withdrawn and furniture purchased for the office 10,000

C
Money withdrawn and purchased car for personal use 5,00,000

D
Money withdrawn and paid to the creditors 8,000

Solution

the money withdrawn from the business for purchasing personal assets is drawings

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Introduction to accounting Test - 12

Result

Introduction to accounting Test - 12

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Question 1

Reliability

Comparability

Recording and classification of financial transactions

Calculation of Profit and Loss only

Solution

Question 2

Owners

Management

Employees

Creditors

Solution

Question 3

Double Entry System

Single Entry System

Bahi Khata System

None of these

Solution

Question 4

Proprietor

Creditors

Bank

Debtors

Solution

Question 5

3000

2000

8000

5000

Solution

Question 6

Outstanding expense

Bills payable

Creditors

Debentures

Solution

Question 7

Machinery

Patents

Bill receivable

Furniture

Solution

Question 8

Cash in hand

Computers

Building

Furniture

Solution

Question 9

Salary paid to manager 15,000

Purchased a gift of 2,000 for wife

Purchased machinery for 50,000

Paid rent for office 5,000

Solution

Question 10

Money withdrawn and rent paid for the office 4,000

Money withdrawn and furniture purchased for the office 10,000

Money withdrawn and purchased car for personal use 5,00,000

Money withdrawn and paid to the creditors 8,000

Solution

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