Quiz 2

Accounting Fundamentals – Beginner
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10 MCQs with the right answers
Helps with practice
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Q1. Working Capital = _____ - Current Liabilities*

1 mark

Liquid Assets

Assets

Current Assets

Non-current liabilities

Q2. _____ A/C is debited in journal entry for goods given in charity?*

1 mark

Charity

Purchases

Cash

Other expenses

Q3. IFRS - International Financial _____ Standards*

1 mark

Reporting

Remuneration

Ratio

Revenue

Q4. Copyright is _____ asset.*

1 mark

deferred

contra

fictitious

intangible

Q5. Which one of these is an indirect expense?*

1 mark

Salary

Wages

Rent For Premises

Power

Q6. A person who owes an amount to the business for a credit sale is called?*

1 mark

Debtor

Seller

Creditor

Buyer

Q7. _____ is a part of Accounting.*

1 mark

Bookkeeping

Financing

Accountancy

Managing

Q8. Which of these is an external user of financial statements?*

1 mark

Employees

Partners

Managers

Lenders

Q9. What type of expenditure is "Purchase of Furniture"?*

1 mark

Capital

Revenue

Deferred Revenue

Recurring

Q10. Depreciation A/C is _____ in journal entry for depreciation.*

1 mark

credited

ignored

debited

not used

Quiz 2 – Accounting Fundamentals – Beginner

Quiz 2

Connect & Improve AccountingOptional

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