WorksheetsLearntube Finance- Financial Accounting Quiz Competition 12/1/23
Total questions: 43
Worksheet time: 22mins
Name
Class
Date
1.
Full Name ?
4 lines
2.
Number ?
4 lines
3.
Email ID ?
4 lines
4.
Which of the following agencies is responsible for formulating the Fiscal Policy in India?
a)
Securities and Exchange Board of India (SEBI)
b)
Reserve Bank of India (RBI)
c)
Ministry of Finance, Government of India
d)
National Bank for Agricultural and Rural Development (NABARD)
5.
Which of the following items is classified as a Capital Receipt in the budget for the Government of India?
a)
The receipts from the collection of income tax
b)
The borrowings made by the government from the public
c)
The dividends and profits received from the public sector units
d)
The interest receipts for loans given by the government to its debtors
6.
The importance of fiscal policy in a country like India is that ___________.
a)
It plays a major role in increasing the rate of formation of capital both for public and private sector units
b)
It aims to reduce the imbalance in the distribution of income and wealth
c)
It helps to generate sufficient resources, through direct and indirect taxes, to finance the government projects
d)
All of the above
7.
Which of the following is the definition of a budget deficit?
a)
Excess of the total expenditure over the total receipts minus interest payments and borrowings
b)
Excess of the total expenditure over the total receipts minus borrowings
c)
Excess of the revenue expenditure over the revenue receipts
d)
Excess of the total expenditure over the total receipts
8.
Which of the following is a development that can occur as a result of deficit financing?
a)
The rise in inflation within the Indian economy
b)
The improvement in money supply in the Indian economy
c)
The increase in government debt
d)
All of the above
9.
Which of the following steps under the fiscal policy is an example for stabilising the economy?
a)
Making payments towards unemployment insurance benefits
b)
Making payments towards pensions for retired military personnel
c)
Allocating more capital for spending on construction of national highways
d)
Decreasing the supply of money within the economy
10.
Which of the following is true about the annual budget prepared by the Government of India?
a)
It is a part of the money-saving policy of the government
b)
It is a part of the fiscal policy of the government
c)
It is a part of the monetary policy of the government
d)
It is a part of the commercial policy of the government
11.
Transaction Code for customization
a)
SAPO
b)
SAPO
c)
SPEO
d)
SPTO
12.
What is posting key and what does it control?
a)
Account Types
b)
Types of posting. Debit or Credit
c)
Field status of transaction
d)
All of these
13.
While creating a sample account, following information may be entered
a)
only company code segment data
b)
only COA segment data
c)
both COA segment and company code segment data
d)
only account control and account management data from company code segment
14.
Which of the following contains a message server?
a)
Dialog Instance
b)
Central Instance
c)
Both A & B
d)
None Of The Above
15.
Depreciation postings can be executed
a)
through background processing (batch input session)
b)
direct FI postings
c)
any one of the above
d)
None
16.
Retained earnings account is ______
a)
specific to company code
b)
specific to client
c)
specific to chart of accounts
d)
none of the above
17.
What is the full form of sscr?
a)
Sap software change requirements
b)
Sap software change requests
c)
Sap software change registration
d)
Sap software change representation
18.
The following tables are used for communication while import of a transport request?
a)
TRBAT
b)
T000
c)
TRJOB
d)
USR02
19.
Which one of the following is known as the king of all books of accounts?
a)
General journal
b)
Cash book
c)
General ledger
d)
Business book
20.
Transferring information from the journal to the ledger is known as:
a)
Transferring
b)
Posting
c)
Balancing
d)
Journalizing
21.
Which of the following accounts is expected to have a debit balance?
a)
Assets
b)
Expenses
c)
Losses
d)
All of the above
22.
The collection of all accounts in a business enterprise is known as the:
a)
Ledger
b)
Balance sheet
c)
Trial balance
d)
Journal
23.
An account with a credit balance in the general ledger is classified as:
a)
An asset account
b)
An expense account
c)
A liability account
d)
All of the above
24.
The process of finding out the balance of a ledger account is known as:
a)
Posting
b)
Calculation
c)
Investigation
d)
Balancing
25.
The left hand side of a ledger account is known as the:
a)
Credit side
b)
Debit side
c)
Income side
d)
Profit side
26.
If the total of the debit side exceeds the total of the credit side, the ledger account is said to have a:
a)
Debit balance
b)
Credit balance
c)
Surplus balance
d)
Normal balance
27.
In accounting, the abbreviation Dr. is used for:
a)
Debtor
b)
Debate
c)
Defaulter
d)
Debit side of ledger account
28.
If an account has a credit balance, it means:
a)
Both debit and credit sides are equal
b)
Total of debit side exceeds total of credit side
c)
Total of credit side exceeds total of debit side
d)
None of the above
29.
In accounting, the term credit is usually abbreviated as:
a)
DR.
b)
Ct.
c)
Cd.
d)
Cr.
30.
Which of following types of accounts normally have a credit balance?
a)
Assets, liabilities, capital
b)
Revenues, liabilities, capital
c)
Revenues, liabilities, expenses
d)
Revenues, liabilities, losses
31.
In a ledger account, if total of the debit side is equal to the total of the credit side, the account is said to have a:
a)
Expected balance
b)
Normal balance
c)
Credit balance
d)
Zero balance
32.
A non-zero balance in a ledger account represents:
a)
Increase in account
b)
Decrease in account
c)
Increase or decrease in account
d)
No change in account
33.
Which of the following correctly represents the sequence of the accounting cycle?
a)
Journal entry > transaction analysis > ledger account
b)
Transaction analysis > journal entry > ledger account
c)
Transaction analysis > journal entry > trial balance
d)
Transaction analysis > trial balance > ledger account
34.
The book in which business transactions are recorded in classified form is the:
a)
Trial balance
b)
Ledger
c)
Journal
d)
Cash book
35.
The function of the ledger is:
a)
Recording
b)
Classification
c)
Summarization
d)
Interpretation
36.
A separate record for each account is maintained in the:
a)
Journal
b)
Trial balance
c)
Ledger
d)
None of the above
37.
Sundry debtors is the total of all balance on:
a)
Sales ledger
b)
Bought ledger
c)
General ledger
d)
Private ledger
38.
Double Entry Accounting System is successfully applied through:
a)
Trial Balance
b)
Ledger
c)
Journal
d)
Cash Book
39.
The process of transferring data from journal to ledger is called:
a)
Recording
b)
Journalizing
c)
Posting
d)
All of these
40.
Ledger is also called:
a)
Main Book of Entry
b)
King of Books of Accounts
c)
Both of these
d)
None of these
41.
Difference between two sides of an account is:
a)
Balance
b)
Trial Balance
c)
Zero Balance
d)
All of these
42.
What does EBIDTA stand for?
a)
Earnings between Interest, Debit, Tax and Accounting
b)
Every Basic Interest, Depreciation Transaction in Accounts
c)
Earnings Before Interest, Depreciation, Tax and Amortisation
d)
None of these
43.
Asset column on a balance sheet is divided into Fixed Assets and Current Assets.
a)
True
b)
False
100 %
