This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 25 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Import duty paid will be included in A) Trading account credit side. B) Trading account debit side. C) Profit and loss account debit side. D) Profit and loss account credit side. Show Answer Correct Answer: B) Trading account debit side. 2. The process of recording, classifying and summarizing all business transactions in order to know the financial result is called- A) Book-keeping. B) Accounting. C) Journalizing. D) None of these. Show Answer Correct Answer: B) Accounting. 3. A & B are partners in a partnership firm without any agreement. A has given a loan of 50, 000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm: A) 5%p.a. B) 6%p.a. C) 6% p.m. D) As there is a loss in the business, interest can't be paid. Show Answer Correct Answer: B) 6%p.a. 4. Which of the following accounts would typically appear on the debit side of a trial balance? A) Prepaid Rent. B) Service Revenue. C) Accounts Payable. D) Loan. Show Answer Correct Answer: A) Prepaid Rent. 5. Borrowing cash from a bank for additional working capital A) Operating. B) Investing. C) Financing. D) None of above. Show Answer Correct Answer: C) Financing. 6. TRADE MARK Is(1) A) Tangible assets. B) Fixed assets. C) Current assets. D) Liability. Show Answer Correct Answer: A) Tangible assets. 7. Remuneration to partner A) Section 13 a. B) Section 14 a. Show Answer Correct Answer: A) Section 13 a. 8. 12 The process of finding the net amount from the totals of debit and credit columns in a ledger is known as A) Casting. B) Posting. C) Journalising. D) Balancing. Show Answer Correct Answer: D) Balancing. 9. Who prepares a debit note- A) Seller. B) Purchaser. C) Cashier. D) None of these. Show Answer Correct Answer: B) Purchaser. 10. Patents and copyrights include groups A) Fixed assets. B) Liquid assets. C) Intangible assets. D) Other property. Show Answer Correct Answer: C) Intangible assets. 11. Current account shows Rs:1, 000 as overdrawn. When bank statement is received, it was identified that one of the debtors has deposited Rs:400 into the account and bank charges Rs:20 had been debited to the account. Bank statement balance is A) Rs:1420(Dr.). B) Rs:620(Dr.). C) Rs:4300(Cr.). D) Rs:1700(Dr.). Show Answer Correct Answer: B) Rs:620(Dr.). 12. In single entry system:2015 A) Personal accounts are maintained. B) Real accounts are maintained. C) Nominal accounts are maintained. D) None of these. Show Answer Correct Answer: A) Personal accounts are maintained. 13. An account is having debit balance is established when A) The last entry of the accounting period was posted on the debit side. B) The amount of debit exceeds the amount on credit. C) There are more entries on the debit side than on the credit side. D) None of the Above. Show Answer Correct Answer: B) The amount of debit exceeds the amount on credit. 14. Balancesheet is an account A) True. B) False. C) Not acceptable. D) Its a statement. Show Answer Correct Answer: D) Its a statement. 15. Ascertain the accounting equation when, withdraw cash Rs. 2, 000 for personal use. A) 0 = 2, 000 + 0. B) 2, 000 = 0 + (-) 2, 000. C) -2, 000 = 0 + (-)2, 000. D) -2000 = (-)2, 000 + 0. Show Answer Correct Answer: C) -2, 000 = 0 + (-)2, 000. 16. Share are alloted on pro rata basis in case of ..... A) Oversubscription. B) Undersubsciption. C) Minimum subscription. D) Forfeited share. Show Answer Correct Answer: A) Oversubscription. 17. Which branch of accounting is concerned with analyzing costs of products or services rendered in a business? A) Auditing. B) Cost accounting. C) Financial Accounting. D) Management Accounting. E) Tax Accounting. Show Answer Correct Answer: B) Cost accounting. 18. Purchased goods on credit and on cash will affect:(2019) A) Cash of goods. B) Cash of creditors. C) Cash, creditors and owner's equity. D) Cash, goods and creditors. Show Answer Correct Answer: D) Cash, goods and creditors. 19. Expenses which are yet to be paid is known as A) Prepaid expenses. B) Accrued expenses. C) Outstanding expenses. D) Unearned expenses. Show Answer Correct Answer: C) Outstanding expenses. 20. . The financial statements of a business enterprise include A) Balance sheet. B) Profit and loss account. C) Cash flow statement. D) All the above. Show Answer Correct Answer: D) All the above. ← PreviousNext →Related QuizzesAccounting QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 6Accountancy Quiz 7Accountancy Quiz 8Accountancy Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books