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ACCOUNTANCY QUIZ

Total questions: 23

Worksheet time: 12mins

Name
Class
Date
1.

What is Accountancy ?

a)

Art

b)

Science

c)

Art and science

d)

None of these

2.

Amount invested by proprietor in business

a)

investment

b)

Capital

c)

drawing

d)

None of these

3.

Current assets example

a)

Debtors

b)

Capital

c)

Drawing

d)

Furniture

4.

a person who owes money to a firm against goods sold is called

a)

Creditor

b)

Debtor

c)

Both a and b

d)

None of these

5.

Goods taken by the Proprietor for personal use is

a)

Sales

b)

Drawings

c)

Purchases

d)

None of these

6.

Example of an Intangible assets

a)

Debtors

b)

Plant and Machinery

c)

Goodwill

d)

None of these

7.

A liability arises because of

a)

Cash transactions

b)

Credit Transactions

c)

Cash as well as Credit transactions

d)

None of these

8.

Which of the following is not a fixed asset

a)

Building

b)

Plant and machinery

c)

Balance with Bank

d)

Goodwill

9.

Bank Overdraft is

a)

Current liability

b)

Non- Current liability

c)

Contingent liability

d)

None of these

10.

Which of the following will not be recorded in the books of account

a)

Sales of goods

b)

Payment of salary

c)

Quality of Staff

d)

Purchase of goods

11.

A person to whom money is owed by a firm for purchase of goods is called

a)

Debtor

b)

Creditor

c)

Drawer

d)

None of these

12.

Those Assets which are acquired for the purpose of increasing the earning capacity of the business is called

a)

Financial assets

b)

Current Assets

c)

Fixed Assets

d)

None of these

13.

Functions of Accounting

a)

Measurement

b)

Forecasting

c)

Decision making

d)

All the above

14.
In A/c recording is made of ..?
a)
Financial transactions
b)
Non-financial transactions
c)
Both of them
d)
None
15.
Who are the Internal users of Accounting Informations ?
a)
Potential Investers
b)
Creditors
c)
management
d)
Employees
16.
Who is the external users of Accounting information ?
a)
Researchers
b)
Government
c)
Potential investors
d)
All the above
17.
Who are not the external users of Accounting informations ?
a)
Lenders
b)
Officers
c)
Employees
d)
Public
18.
Which of the following is not the limitation of accounting ?
a)
Based on Acccounting Convention
b)
Evidence in legal matters
c)
Incomplete Information
d)
Omission of qualitative Information
19.
Which of the following transactions is not in financial charecter ?
a)
purchases of assets on credit
b)
purchases of assets on cash
c)
withdrew of money for personal use
d)
strike of employee
20.
Anu is a timber merchant. which one is not recorded in her books ?
a)
purchases of timber
b)
sofa set purchases
c)
sale of household furniture
d)
dinning table given as gift
21.
If accounting information is based on facts and it is verified by ducuments it has quality of what?
a)
relevence
b)
reliability
c)
understability
d)
compareability
22.
Current Liabilities includes.....
a)
B/P
b)
Creditors
c)
O/S Expenses
d)
All the above
23.
Current Liabilities do not include.....
a)
B/P
b)
Creditors
c)
O/s Expenses
d)
Debtors

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