
Accounting Quiz Unit II
Authored by Dhruv Sharma
Financial Education
University
Used 3+ times

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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The first record of a transaction is made in the:
Ledger
Trial Balance
Journal
Balance Sheet
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of allocating the cost of an intangible asset over its useful life is called:
Depreciation
Amortization
Depletion
Appreciation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A Trial Balance will NOT detect which of the following errors?
A wrong amount posted to an account
A transaction completely omitted from the books
An entry posted to the wrong side of an account
An error in the balancing of an account
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The principal book of accounting where accounts are maintained is the:
Journal
Cash Book
Ledger
Day Book
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit sale of goods to Mr. X for ₹5,000 should be debited to:
Sales Account
Cash Account
Mr. X's Account
Purchases Account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under the Straight-Line Method (SLM), the amount of depreciation each year is:
Increasing
Decreasing
Constant
Fluctuating
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount set aside out of profits to meet a specific future liability is a:
Reserve
Provision
Contingent Asset
Fictitious Asset
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