Accountancy Quiz 20 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. If there is loss it appears in

Correct Answer: A) Debit side of current account.

2. A person worships in the temple for peace and prosperity is ..... activity

Correct Answer: B) Non-economic.

3. Long term assets without any physical existence but, possessing a value are c

Correct Answer: C) Intangible assets.

4. The amount drawn by businessmen for his personal use is-

Correct Answer: B) Drawing.

5. Income and Expenditure Account shows income and expenditure of

Correct Answer: A) Revenue nature only.

6. Is trail balance is an accounts?

Correct Answer: B) No.

7. UNDER WHICH CONCEPT OF ACCOUNTING THE LIFE OF A BUSINESS IS ASSUMED TO BE INDEFINITE

Correct Answer: C) GOING CONCERN.

8. Which of the following is not a type of debenture

Correct Answer: D) Participative debenture.

9. Small payments are recorded in a book called

Correct Answer: D) Petty cash book.

10. Anil purchased 1000 pens at the rate of 50 each less trade discount of 20% ..... purchase account will be debited by

Correct Answer: B) 40000.

11. Mining rights

Correct Answer: B) Intangible fixed assets.

12. If Operating Cycle cannot be identified, it is assumed to be a period of .....

Correct Answer: C) 12 Months.

13. The sum of Liabilities and Capital is-

Correct Answer: D) Assets.

14. ACCOUNTING INFORMATION MUST BE

Correct Answer: D) ALL OF THE ABOVE.

15. Which of following is a current assets?

Correct Answer: B) Cash.

16. When a company issues Debentures as collateral security, it will debit .....

Correct Answer: C) Debentures Suspense Account.

17. According to the ruling in Garner vs. Murray case the solvent partners should share the loss of insolvent partners in ..... ratio

Correct Answer: D) Capital ratio.

18. Retirement or death of a partner would create a situation for continuing partners which is known as

Correct Answer: A) Dissolution of partnership.

19. Purchasing goods from foreign countries is known as .....

Correct Answer: B) Import.

20. Interest on loans advanced

Correct Answer: A) Sec. 13 d.