- Fundamentals of Accounting - Easy 2
- Quick Multiple Choice Quiz, Test Yourself!
- Refresh Your Basics in Accounting.
- Only the Top 10% are able to Score More than 7
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How is Working Capital Calculated?
Current Assets - Current Liabilities
Assets - Liabilities
Current Liabilities - Current Assets
Current Assets + Current Liabilities
Correct!
Oops!
What is the Journal Entry for Goods Given in Charity?
Charity A/C Dr. | To, Cash A/C Cr.
Charity A/C Dr. | To, Purchases A/C Cr.
Purchases A/C Dr.| To, Charity A/C Cr.
Correct!
Oops!
Expand IFRS?
International Financial Reporting System
International Financial Revenue Standards
International Financial Reporting Standards
Correct!
Oops!
Copyright is a Fictitious Asset.
TRUE
FALSE
Correct!
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Which one of these is an Indirect Expense?
Power
Rent For Premises
Salary
Correct!
Oops!
A Person Who Owes an Amount to the Business for a Credit Sale is Called?
Creditor
Buyer
Seller
Debtor
Correct!
Oops!
Are Bookkeeping and Accounting Exactly the Same?
Yes
No
Correct!
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Which of these is an External user of Financial Statements?
Employees
Managers
Lenders
Correct!
Oops!
What type of expenditure is "Purchase of Furniture"?
Capital Expenditure
Revenue Expenditure
Deferred Revenue Expenditure
None of the above
Correct!
Oops!
What is the Journal Entry for Depreciation?
Asset A/C Dr. | To Depreciation A/C Cr.
Depreciation A/C Dr. | To Cash A/C Cr.
Depreciation A/C Dr. | To Bank A/C Cr.
Depreciation A/C Dr. | To Asset A/C Cr.
Correct!
Oops!
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Accounting Fundamentals – Easy 2
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