IC 26 CHAPTER 1
Fundamentals of Accounting Quiz
Test your knowledge of accounting principles with our engaging quiz designed for learners at all levels. Dive into key concepts and practical scenarios that will help reinforce your understanding of accounting fundamentals.
- Multiple-choice questions
- Covers various accounting topics
- Perfect for students and professionals alike
Who is responsible for the accounting of Business Transactions and report them to external users ?
Cashier
Accountant
Actuary
Clerk
Which of the following is not a Step in an Accounting Process ?
Identifying Transactions
Recording Monetary Transaction
Reporting a Transaction
Recording Non-monetary Transactions
Which of the following pairs do not show the transactions and its related source documents on the basis of which of the transaction recorded in the books of account ?
Purchase of goods-supplier's invoice
Goods returned -credit note issued by the seller
Sale of Asset-cheque received from the purchaser
Sales of goods-entity's invoice
Debit the Receivers and credit the Givers of the benefit rule of Accounting is applicable on
Personal Account
Nominal Account
Real Account
Both A and B
Sometimes Cash may be deposited in the bank and at other times,cash may be withdrawn for use in office .In these cases ,the transactions are called as _________
Contra Transaction
Cash Only Transaction
Sundry Transaction
Invoice
Identify the Correct Accounting Equation
Liabilities=Asset+Capital
Asset=Liabilities+Capital
Asset=Liabilities-Capital
Capital=Asset+Liabilities
The Liabilities of a Co. are Rs.30000 and the Capital is Rs.40000.The Total Asset is =
70000
100000
10000
200000
Which of the following Errors can not be highlighted while preparing a Trial Balance ?
Commission
Posting
Casting
Transposition
The Primary Aim of Accounting is to :
1.Prepare the P/L Account and Balance Sheet
2.Prepare Ledger Account for all Transactions
3.Provide Financial Information to users of such information
2.Prepare Ledger Account for all Transactions
3.Provide Financial Information to users of such information
Only 1
Only 2
Only 3
Both 1 and 2
A Reciept and Payment account is precisely a revenue account and includes revenue items only
True
False
Both are true
None is True
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