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Accounting Quiz

Authored by Smita Commerce

Life Skills

12th Grade

Used 12+ times

Accounting Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the process of identifying, systematic recording, summarizing, analyzing, and interpretation of financial reports of a business?

Auditing

Taxation

Accounting

Budgeting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept in accounting assumes that every business is carried on continuing for an indefinite period?

Cost Concept

Going Concern Concept

Business Entity Concept

Money Measurement Concept

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula to calculate depreciation on Straight Line Method?

Annual Depreciation Expense = Cost of fixed asset - Residual value X Actual production / Estimated total production

Annual Depreciation Expense = Cost of fixed asset - Residual value X Actual production / Estimated total production

Annual Depreciation Expense = Cost of a fixed asset - Residual value / Useful life of the asset (Years)

SYD Depreciation = Depreciable Base value X (Remaining useful life/Sum of the year's digits)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of account is used to record the incomes, expenses, losses, and gains of a business concern?

Personal Account

Nominal Account

Fictitious Account

Real Account

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a Trading Account in accounting?

To record all credit sales of merchandise

To summarise the assets and liabilities of a business

To indicate the result of buying and selling of goods, i.e. the gross profit or gross loss on trading

To determine the net profit earned or net loss incurred during a particular period

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method of depreciation is based on the assumption that assets are generally more productive when they are new, and their productivity decreases as they become old?

Sum-of-years-digits Method

Annuity Depreciation

Straight-line Depreciation Method

Diminishing Balance Method

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a Control Account in accounting?

To summarise the assets and liabilities of a business

To determine the net profit earned or net loss incurred during a particular period

To keep the general ledgers like Asset Account nice and clean

To record all credit sales of merchandise

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