ACCOUNTING POP QUIZ
Accounting Pop Quiz
Test your knowledge of accounting concepts with our engaging Accounting Pop Quiz! This quiz covers essential topics that are crucial for anyone interested in the field of accounting. Whether you are a student, a professional, or just curious, this quiz is designed to challenge and enhance your skills.
Key Features:
- 11 multiple choice questions
- Instant feedback on your answers
- Enhance your understanding of accounting principles
Which of the following is not a source document?
Petty cash voucher
Credit note
Cash book
Cheque stub
Discounts offered to customers to enable prompt payment are known as
Trade Discounts
Seasonal Discounts
Cash Discounts
Periodic Discounts
Which of the following is not a user of accounting information?
Debtors
Competitors
Investors
Employees
Mr Mohammed purchased a bag of rice on credit from Mr. Samson, what is the effect of this transaction in Mr Samson's books?
Debit Mr Mohammed's account , Credit Purchases account
Debit Sales account, Credit Mr Mohammed's account
Debit Mr Mohammed's account, Credit sales account
Debit Purchases account, Credit Mr. Mohammed's account
Which of the following best describes a trial balance?
A list of balances extracted from the ledger to check the arithmetic accuracy of records
A list of balances extracted from the ledger to determine the liquidity of a business
A list of balances which shows all expenses and incomes incurred in any given period
A list of balances which shows the assets and liabilities of a business
The best stock valuation method to be used by a seller of vegetables is?
First In First Out (FIFO)
Last In First Out (LIFO)
Simple Average (SA)
Weighted Average (WA)
The systematic recording of daily transactions of a business organization is termed as
Accounting
Posting
Book keeping
Journalizing
Lilian a sole trader purchased goods, in the process of selling the goods to Chidinma, she realizes that the goods were damaged and the fault was from her(Lilian's) supplier, what document would be issued to Lilian to salvage the situation
Debit note
Return inwards book
Credit note
Return outwards book
In a departmental account, lighting should be apportioned between departments in what manner?
Sales basis
Metric basis
Number of employees
Equally
The father of accounting is a --------
Brazilian
German
Italian
Spanish
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