Accounting Quiz

Accounting Quiz

University

25 Qs

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Accounting Quiz

Accounting Quiz

Assessment

Quiz

Arts

University

Practice Problem

Hard

Created by

Pavi Thra

Used 1+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary objective of accounting?

To provide loans

To find customers

To ascertain profits or losses

To determine employee salaries

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a book of original entry?

Ledger

Trial Balance

Balance Sheet

Journal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Double Entry System means:

Every transaction affects two parties

Transaction entered twice

Entry recorded twice in the journal

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an objective of accounting?

Recording financial transactions

Assessing employee performance

Determining profit and loss

Communicating financial results

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A ledger is a book that contains:

Transactions

Summary of all accounts

Balance Sheet

Budget plans

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a real account?

Salaries Account

Rent Account

Furniture Account

Capital Account

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting equation is:

Assets + Liabilities = Capital

Assets = Liabilities – Capital

Assets = Liabilities + Capital

Assets = Capital – Liabilities

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