Accounting Fundamentals – Medium 1


  • Fundamentals of Accounting - Medium 3
  • Quick Multiple Choice Quiz, Test Yourself!
  • Refresh Your Basics in Accounting.
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Purchase of fixed assets is a ___________.
Revenue Expenditure
Capital Expenditure

Correct!

Oops!

Return outwards is also known as ___________.
Sales Returns
Purchase Returns
Returns to seller

Correct!

Oops!

Capital is also known as ___________.
Owner's Asset
Contribution
Equity

Correct!

Oops!

The person to whom money is to be paid is called ___________.
Payee
Payer
Drawee

Correct!

Oops!

Residual value of an asset is same as salvage value.
True
False

Correct!

Oops!

Journal posting and Journal entry are the same things.
True
False

Correct!

Oops!

Accounts Payable is a ___________ for the business.
Non-current Liability
Current Liability
Internal Liability

Correct!

Oops!

Which of these is a branch of accounting?
Commercial Accounting
Management Accounting
Finance

Correct!

Oops!

Are finance and accounting the same?
Yes
No

Correct!

Oops!

"Income" = "Revenue" = "Profit"?
True
False

Correct!

Oops!

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Accounting Fundamentals – Medium 3

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