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WorksheetsAccounting Test Offline 2022-2023
Total questions: 25
Worksheet time: 13mins
If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:
net loss of $35,000
net income of $35,000
net income of $14,000
net loss of $14,000
________________ is prepared at the end of the accounting period to show the financial position o f business
Profit & loss account
Balance sheet
Profit & loss statement
Satetment of financial position
Accounts receivable normally has ________ balance
Debit
Credit
Negative
Tidak ada jawaban yang benar
Journal is a book of ______entry
Secondary
Original
First
None of these
Nominal accounts are related to
Assets & liability
Expenses & losses
Debtors & creditors
None of these
Real accounts are related to
Assets & liability
Expenses & losses
Debtors & creditors
None of these
One of the detailed rules used to record business transaction is
Objectivity
Accruals
Going Concern
Double entry book keeping
A business record should never be mixed with owners's personal records- Identify the principle
Dual Concept
Business Entity
Objective Evidence
Materiality Principle
The value of money is considered to have static value as the transaction are recorded at the value on the transaction date- The following statement is limitation of which principle?
Business entity
Dual Aspect
Money Measurement
Prudence
Which principle refers to relative importance of an item or an event?
Money Measurement
Conservatism
Materiality
Transactions and events that cannot be measured in money terms are not recorded in the books of accounts. It is due to Money Measurement Concept.
True
False
The system of recording transactions based on Dual Aspect Concept is known as (a) .
The rule “Debit all expenses and losses and credit all gains and incomes” is applicable to Personal Account
True
False
What is the type of Drawings Account?
(a) Personal
(b) Real
(c) Nominal
Expenses
In Accounting, Goods is defined as:
(a) Items which purchased for own consumption.
(b) Items which are purchased for charity.
(c) Items which are purchased for resale.
(d) Items without any defect.
Personal Accounts are related to Individuals, Banks, Companies, etc.
True
False
The rule ‘Debit what comes in Credit what goes out’ is applicable to:-
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) Liability Account
Which of the following is not a branch of accounting?
cost accounting
financial accounting
book keeping and accounting
management accounting
Which is the first step of accounting process?
Classifying
analyzing and interpretation
recording
financial statements.
Which of the following item is not an asset.
Cash at Bank
Motor Vehicle
Stationery
Inventories
A Bank Loan is classified as a:
Revenue
Expense
Asset
Liability
Goodwill is a
Tangible assets
Liquid assets
Intangible assets
Intangible Liabilities
The amount spent in order to produce and sell the goods and services which generates income is termed as
Revenue
Loss
Expenses
Liabilities
Mr. Moonrise started a business for buying and selling of stationery with ₹5,00,000 as an initial investment. Of which he paid ₹1,00,000 for furniture, ₹2,00,000 for buying stationery items. The amount of capital will be
₹2,00,000
₹5,00,000
₹1,00,000
₹3,00,000
A firm earns a revenue of Rs.21, 000 and the expenses to earn this revenue are Rs.15,000. Its income will be (a)
