ACCOUNTING FOR BUSINESS
Accounting for Business Quiz
Test your knowledge and understanding of fundamental accounting principles with our engaging quiz designed specifically for aspiring accountants and business professionals.
Whether you are a student, teacher, or just someone interested in accounting, this quiz will help you:
- Reinforce your learning
- Identify areas for improvement
- Enhance your understanding of accounting concepts
Which golden rule is applicable for assets
Real account rule
Personal account rule
Nominal Account rule
This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities.
Money Measurment Concept
Going Concern Concept
Business Entity Concept
Matching Concept
This concept requires that a balance sheet and profit and loss account should be prepared at regular intervals. This is necessary for different purposes like, calculation of profit, ascertaining financical position, tax computation etc. Further, this concept assumes that, indefinite life of business is divided into parts. It may be of one year, six months, three months, one month, etc.
Historical cost concept
Going concern concept
Realisation concept
Accounting period concept
Which among these is not an accounting Conventions
Conservatism Convention
Convention of Full Disclosure
Consistency Convention
Accounting Convention of Materiality
Convention of Cost
Purchase is debited in a journal entry
Yes
No
Sales return is credited in a journal entry
Yes
No
Started business with cash, which is the correct treatment
Cash A/c Debit, Capital A/c Credit
Capital A/c debit, Cash A/c Credit
Owners A/c Debit, Cash A/c Credit
Owners A/c Debit, Capital A/c Credit
Which financial statement displays the revenues and expenses of a company for a period of time?
Income statement
Balance Sheet
Cash Flow Statement
Statement of stock holders equity
What is the main purpose of financial accounting?
Organise financial information
Provide useful financial information to outsiders
Keep track of company expenses
Minimize company taxes
Asset accounts have what type of balance?
Debit
Credit
Contra
All of the above
Any written evidence in support of a business transaction is called
Journal
Ledger
Ledger posting
Voucher
The account that records expenses, losses, incomes and gains is
Personal
Real
Nominal
Non of the above
The process of transferring all transactions from a journal to a ledger is known as:
Entry
Posting
Recording
None of the above
Balance sheet is a statement of
Assets
Liabilities
Capital
All of the above
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