Accounting Fundamentals – Easy 1


  • Fundamentals of Accounting - Easy 1
  • Quick Multiple Choice Quiz, Test Yourself!
  • Refresh Your Basics in Accounting.
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What are the Three Main Financial Statements?
Income Statement | Trial Balance | Balance Sheet
Balance Sheet | Cash Flow | Funds Flow Statement
Income Statement | Cash Flow | Balance Sheet

Correct!

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Why is Depreciation Not Charged on Land?
It is Not Permitted Legally
Because Useful Life of Land Can't be Determined
Accounting Standards Don't Allow Dep. on Land

Correct!

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Outstanding Expense is a ____________.
Current Asset
Current Liability
Fixed Asset
Long-Term Liability

Correct!

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Why is Closing Stock not Shown in Trial Balance?
Because it appears in Trading Account
Because it is Included in Purchases
Trial of Closing Stock isn't Possible

Correct!

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Amortization is Charged on?
Fixed Assets
Tangible Assets
Intangible Assets
Current Assets

Correct!

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Which of these may be a Contingent Liability?
Loan
Court Case
Theft

Correct!

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What is sent to a Buyer by the Seller When Goods are Returned?
Apology Letter
Invoice
Debit Note
Credit Note

Correct!

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A Contra Entry is Posted on Both Sides of a ___________?
Passbook
Cashbook
Ledger
Petty Cash Book

Correct!

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"Debit What Comes In, Credit What Goes Out" is used for?
Real A/C
Nominal A/C
Personal A/C

Correct!

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Which A/C is used Temporarily to Carry Doubtful Receipts and Disbursements?
Reclass A/C
Payable A/C
Suspense A/C
Receivables A/C

Correct!

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Accounting Fundamentals – Easy 1

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