Quiz 7

Accounting Terms – Beginner
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10 MCQs with the right answers
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Q1. Assets which are held for short period are called _____ assets.*

1 mark

non-tangible

tangible

contra

current

Q2. _____ is the primary book of accounting.*

1 mark

General Ledger

Trial Balance

Journal

Ledger

Q3. _____ is used for recording small expenses.*

1 mark

Income Statement

Cash Book

Petty Cash Book

Subsidiary Book

Q4. _____ entry is recorded on both sides of a cash book.*

1 mark

Adjusting Entry

Contra Entry

Cash Entry

True-up Entry

Q5. _____ is the voluntary payment given to a person for services delivered.*

1 mark

Charity

Donation

Honorarium

Appreciation Payment

Q6. _____ is document made by the buyer as an offer for seller.*

1 mark

Invoice

Voucher

Debit Note

Purchase Order

Q7. These assets don’t have a physical existence.*

1 mark

Intangibles

Tangibles

Deferred

Fictitious

Q8. Debtors which are declared irrecoverable are called _____.*

1 mark

provisional debts

lost debts

doubtful debts

bad debts

Q9. _____ means the fund brought in by the owner.*

1 mark

Appropriation

Capital

Stock

External liability

Q10. Actual cost of commodity sold is called _____.*

1 mark

EPS

COGS

MRP

COGM

Quiz 7 – Accounting Terms – Beginner

Quiz 7

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