
Financial Accounting Quiz
Authored by Manjula L
Arts
University

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial accounting primarily deals with:
Recording business transactions
Forecasting future income
Internal decision-making only
Human resource management
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main objective of financial accounting is:
Cost control
Ascertainment of profit/loss & financial position
Budget preparation
Tax assessment only
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not an accounting convention?
Conservatism
Materiality
Full Disclosure
Planning
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Journal is known as:
Book of final entry
Book of prime entry
Ledger
Balance sheet
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The rule 'Debit what comes in, Credit what goes out' applies to:
Personal account
Real account
Nominal account
All accounts
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a subsidiary book?
Cash book
Purchase book
Journal proper
Trial balance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ledger is also called:
Book of original entry
Book of secondary entry
Principal book of accounts
Journal book
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