
Accounting Quiz
Authored by Trung Nguyen
Financial Education
University

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31 questions
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1.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Match the fundamental ethical principle to the characteristic.
(1) Integrity
(2) Objectivity
A Members should be straightforward and honest in all professional and business relationships.
B Members should not allow bias, conflict or interest or undue influence of others to override
professional or business judgements.
(1)-A; (2)-(B)
(1)-B; (2)-(A)
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The ICAEW Code of Ethics only applies to the paid activities of the professional accountant.
True
False
3.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Which two of the following are assets of an entity?
Trade payables
Trade receivables
Bank overdraft
Cash in hand
Funds introduced by the owner
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Petty cash is controlled under an imprest system. The imprest amount is £100. During a period, payments totalling £53 have been made. How much needs to be reimbursed at the end of the period to restore petty cash to the imprest account?
£100
£53
£47
£50
5.
MULTIPLE SELECT QUESTION
1 min • 1 pt
In applying fundamental accounting concepts, the preparers of financial information are also using:
Legislation
Accounting standards
Judgement
Financial reporting standards
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Sales orders are source documents that are recorded in the accounting system. Is this statement true or false?
True
False
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is classified as revenue expenditure?
Purchase of inventories for resale
Purchase of a motor vehicle to deliver goods to customers
Purchase of machinery for use in production
Purchase of a warehouse to store inventory
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