- 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!
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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!
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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!
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What type of expenditure is "Purchase of Furniture"?
Capital Expenditure
Revenue Expenditure
Deferred Revenue Expenditure
None of the above
Correct!
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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!
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Accounting Fundamentals – Easy 2
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