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

ledger statement

funds flow

trial balance

cash flow

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

1 mark

useful life

scrap value

depreciation rate

accounting standard

Q3. Outstanding expense is _____.*

1 mark

long-term liability

current liability

current asset

fixed asset

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

1 mark

Closing stock

Obsolete inventory

Opening stock

Drawings

Q5. Amortization is Charged on?*

1 mark

Fixed Assets

Deferred Assets

Intangible Assets

Tangible Assets

Q6. _____ may be a contingent liability.*

1 mark

Court Case

Obsolesce

Theft

Loan

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

1 mark

Debit Note

Invoice

Apology Letter

Credit Note

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

1 mark

petty cash book

passbook

ledger

cashbook

Q9. _____ have a debit balance.*

1 mark

Incomes

Assets

Contra assets

Liabilities

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

1 mark

Payable

Suspense

Receivables

Reclass

Quiz 1 – Accounting Fundamentals – Beginner

Quiz 1

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