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Accounting Quiz

Total questions: 40

Worksheet time: 20mins

Name
Class
Date
1.

Which of the following is a non-current asset?

a)

Cash

b)

Trade receivables

c)

Machinery

d)

Inventory

2.

Which item is a current asset?

a)

Land

b)

Building

c)

Bank balance

d)

Long-term investment

3.

Trade payables are classified as:

a)

Current asset

b)

Non-current asset

c)

Current liability

d)

Capital

4.

A loan repayable after 4 years is a:

a)

Current liability

b)

Expense

c)

Non-current liability

d)

Income

5.

Share capital belongs to which category?

a)

Asset

b)

Liability

c)

Equity

d)

Expense

6.

Retained earnings represent:

a)

Cash held

b)

Accumulated profits

c)

Business income of the year

d)

Liability

7.

Outstanding utility bills are treated as:

a)

Asset

b)

Expense

c)

Current liability

d)

Capital

8.

Which of the following is not an asset?

a)

Vehicle

b)

Machinery

c)

Loan payable

d)

Cash

9.

Inventory purchased for resale is a:

a)

Non-current asset

b)

Current asset

c)

Expense

d)

Liability

10.

Owner’s capital increases which element?

a)

Expense

b)

Liability

c)

Equity

d)

Income

11.

Which account normally has a debit balance?

a)

Sales

b)

Capital

c)

Expense

d)

Loan payable

12.

Which account normally has a credit balance?

a)

Cash

b)

Drawings

c)

Sales income

d)

Machinery

13.

Assets usually increase on the:

a)

Credit side

b)

Debit side

c)

Income side

d)

Capital side

14.

Expenses generally have a:

a)

Credit nature

b)

Debit nature

c)

Capital nature

d)

Liability nature

15.

Which of the following has a credit nature?

a)

Vehicles

b)

Rent expense

c)

Trade payables

d)

Drawings

16.

Drawings account normally has a:

a)

Credit nature

b)

Debit nature

c)

Income nature

d)

Liability nature

17.

Capital account normally shows a:

a)

Debit balance

b)

Credit balance

c)

Nil balance

d)

Expense balance

18.

Which account increases on credit?

a)

Asset

b)

Expense

c)

Liability

d)

Drawings

19.

Income accounts usually have a:

a)

Debit balance

b)

Credit balance

c)

Asset balance

d)

Expense balance

20.

Which pairing is correct?

a)

Asset – Credit

b)

Expense – Credit

c)

Liability – Debit

d)

Capital – Credit

21.

When cash increases, it is recorded as:

a)

Credit

b)

Debit

c)

Expense

d)

Capital

22.

When bank balance decreases, it is recorded as:

a)

Debit

b)

Credit

c)

Income

d)

Liability

23.

When rent expense increases, it is:

a)

Credited

b)

Debited

c)

Capitalized

d)

Ignored

24.

When sales income increases, it is recorded as:

a)

Debit

b)

Credit

c)

Asset

d)

Expense

25.

When a liability increases, the account is:

a)

Debited

b)

Credited

c)

Closed

d)

Expensed

26.

When machinery value decreases, machinery account is:

a)

Debited

b)

Credited

c)

Ignored

d)

Transferred to income

27.

When drawings increase, drawings account is:

a)

Credited

b)

Debited

c)

Treated as income

d)

Treated as liability

28.

When capital is introduced, capital account is:

a)

Debited

b)

Credited

c)

Expensed

d)

Closed

29.

When an expense decreases, the expense account is:

a)

Debited

b)

Credited

c)

Capitalized

d)

Ignored

30.

When an asset decreases, it is recorded on:

a)

Debit

b)

Credit

c)

Income

d)

Capital

31.

Cash withdrawn by owner for personal use is called:

a)

Expense

b)

Income

c)

Drawings

d)

Liability

32.

Purchase of machinery for business use creates:

a)

Expense

b)

Current asset

c)

Non-current asset

d)

Income

33.

Payment of electricity bill affects which account?

a)

Asset

b)

Liability

c)

Expense

d)

Capital

34.

Which transaction increases both asset and capital?

a)

Owner introduces cash

b)

Rent paid

c)

Loan repayment

d)

Drawings

35.

Which item reduces owner’s equity?

a)

Profit

b)

Capital introduced

c)

Drawings

d)

Income

36.

Outstanding wages at year-end are classified as:

a)

Asset

b)

Expense only

c)

Current liability

d)

Capital

37.

Which of the following is treated as an expense?

a)

Purchase of land

b)

Purchase of vehicle

c)

Salary paid

d)

Capital introduced

38.

Which statement is correct?

a)

Assets increase on credit

b)

Expenses increase on debit

c)

Income increases on debit

d)

Liabilities decrease on credit

39.

Taking a business loan increases:

a)

Asset only

b)

Expense

c)

Liability

d)

Drawings

40.

Drawings are best described as:

a)

Business income

b)

Business expense

c)

Owner’s personal withdrawal

d)

Business liability

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