Quiz 1

Accounting Fundamentals – Beginner
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10 MCQs with right answers
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Q1. Income statement, _____ and balance sheet are the three main financial statements.*

1 mark

cash flow

funds flow

ledger statement

trial balance

Q2. Depreciation is not charged on land because its _____ can not be determined.*

1 mark

accounting standard

depreciation rate

scrap value

useful life

Q3. Outstanding expense is _____.*

1 mark

current asset

long-term liability

current liability

fixed asset

Q4. _____ is not shown in trial balance as it is already included in purchases.*

1 mark

Opening stock

Obsolete inventory

Drawings

Closing stock

Q5. Amortization is Charged on?*

1 mark

Deferred Assets

Fixed Assets

Tangible Assets

Intangible Assets

Q6. _____ may be a contingent liability.*

1 mark

Theft

Obsolesce

Court Case

Loan

Q7. _____ is sent to buyer by the seller when goods are returned.*

1 mark

Apology Letter

Invoice

Debit Note

Credit Note

Q8. A contra entry is posted on both sides of a _____.*

1 mark

passbook

petty cash book

cashbook

ledger

Q9. _____ have a debit balance.*

1 mark

Contra assets

Liabilities

Incomes

Assets

Q10. _____ account is used temporarily to carry doubtful receipts and disbursements.*

1 mark

Receivables

Suspense

Payable

Reclass

Quiz 1 – Accounting Fundamentals – Beginner

Quiz 1

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