Introduction to accounting Test

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Introduction to accounting Test - 6

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Weekly Quiz Competition

Question 1
1 / -0

A liability is a current liability if it satisfies

A
It is due to settled within 12 months after reporting date

B
It is expected to be settled in the company’s normal operating cycle

C
It is held primarily for the purpose of being traded

D
All of these

Solution

current liabilites is related to the operating cycle of the goods being traded and it has to be paid before 12 months. current liability is for short term
Question 2
1 / -0

The time between the acquisition of an asset for processing and its conversion into cash and cash equivalent is called

A
Operating cycle

B
Time gap

C
Production cycle

D
None of these

Solution

it included all the steps from purchasing the raw material and converting it in to finished goods and then selling it.
Question 3
1 / -0

Which one of the following is not a fictitious asset?

A
Loss on issue of debentures

B
Goodwill

C
Deferred revenue expenditure

D
Discount on issue of shares

Solution

goodwill is fixed intangible asset.
Question 4
1 / -0

The expense that has been incurred but has not been paid are called-

A
Outstanding expenses

B
Prepaid expenses

C
Revenue

D
Loss

Solution

these are expenses which are due but not paid
Question 5
1 / -0

Debtors and Bills Receivable are shown as _________

A
Trade Payables

B
Cheques in hand

C
Trade Receivables

D
None of these

Solution

trade receivables include both debtors and bill receivables.
Question 6
1 / -0

The person who makes the investment and bears all the risks connected with the business is called

A
Debenture holder

B
Debtor

C
Proprietor

D
Creditor

Solution

proprietor is the owner of the business who invests money in the business.
Question 7
1 / -0

Which one of the following is not a current liability?

A
Debentures

B
Creditors

C
Bill payables

D
Short term loan

Solution

debentures are trust deed. These are long term liabilities.
Question 8
1 / -0

Expenditure on purchase of machinery is a

A
Capital expenditure

B
Revenue expenditure

C
Deferred revenue expenditure

D
None of these

Solution

it is capital expenditure as it increases the assets.
Question 9
1 / -0

Amount paid in advance for a particulars expenses is known as_____

A
Prepaid expense

B
Outstanding expense

C
Both

D
None

Solution

the amount paid before the expenses are due are called pepaid expenses
Question 10
1 / -0

Which of the following statement is not an objective of accounting

A
To maintain records of business

B
To provide information on about the enterprise’s assets, liabilities and capital

C
To provide information on about the personal assets, liabilities and capital of the owner

D
To provide information on the performance of the enterprise

Solution

accounting considers only business assets and liabilities and it does not take in to account personal assets and liabilities of the owner.

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Introduction to accounting Test - 6

Result

Introduction to accounting Test - 6

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Question 1

It is due to settled within 12 months after reporting date

It is expected to be settled in the company’s normal operating cycle

It is held primarily for the purpose of being traded

All of these

Solution

Question 2

Operating cycle

Time gap

Production cycle

None of these

Solution

Question 3

Loss on issue of debentures

Goodwill

Deferred revenue expenditure

Discount on issue of shares

Solution

Question 4

Outstanding expenses

Prepaid expenses

Revenue

Loss

Solution

Question 5

Trade Payables

Cheques in hand

Trade Receivables

None of these

Solution

Question 6

Debenture holder

Debtor

Proprietor

Creditor

Solution

Question 7

Debentures

Creditors

Bill payables

Short term loan

Solution

Question 8

Capital expenditure

Revenue expenditure

Deferred revenue expenditure

None of these

Solution

Question 9

Prepaid expense

Outstanding expense

Both

None

Solution

Question 10

To maintain records of business

To provide information on about the enterprise’s assets, liabilities and capital

To provide information on about the personal assets, liabilities and capital of the owner

To provide information on the performance of the enterprise

Solution

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