
Accounting Quiz
Authored by Pavi Thra
Arts
University
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25 questions
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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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