Quiz 1

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

1 mark

ledger statement

trial balance

funds flow

cash flow

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

1 mark

useful life

scrap value

accounting standard

depreciation rate

Q3. Outstanding expense is _____.*

1 mark

fixed asset

long-term liability

current asset

current liability

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

1 mark

Closing stock

Drawings

Opening stock

Obsolete inventory

Q5. Amortization is Charged on?*

1 mark

Tangible Assets

Deferred Assets

Fixed Assets

Intangible Assets

Q6. _____ may be a contingent liability.*

1 mark

Obsolesce

Court Case

Loan

Theft

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

1 mark

Credit Note

Invoice

Debit Note

Apology Letter

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

1 mark

ledger

passbook

petty cash book

cashbook

Q9. _____ have a debit balance.*

1 mark

Assets

Liabilities

Contra assets

Incomes

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

1 mark

Reclass

Payable

Suspense

Receivables

Quiz 1 – Accounting Fundamentals – Beginner

Quiz 1

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