Financial Accounting Quiz for students

Financial Accounting Quiz for students Quiz Quiz

  1.  ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ is also known as objective evidence concept
    a) Revenue realization
    b) Dual aspect
    c) Verifiable objective
    d) None of these

2. ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ principle states that costs or expenses of a business of an accounting period are matched with the revenue of that period in order to find profit or loss
a) Accounting period
b) Revenue realization
c) Veritable objective

3) Accounting entity concept is known as‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
a) Materiality concept
b) Prudence concept
c) Business entity concept
d) None of these

4. Depreciation accounting is
a) IAS 1
b)IAS 2
c) IAS 3
d) IAS 4


5. Accounting equation is developed with the help of
a) Money measurement concept
b) Dual aspect concept
c) Revenue realization concept
d) Historical cost concept


6. revenue from sale is realized when
a) sale is made
b) Order is placed
c) Cash is received
d) Production is completed

7. Adjustment made for outstanding expenses, accrued incomes etc. in the financial statements is due to the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ principle
a) Matching
b) Business entity
c) Materiality
d) Consistency

8.Contingent liabilities are shown as a foot note in the balance sheet as per ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ accounting principle
a) Full disclosure
b) Objectivity
c) Materiality
d) Consistency

9. State the principle:‐ which assumed the business will last fore a long time
a)Going concern
c)  Consistency
d) Matching

10. Transactions involving money or money’s worth will be recorded in the books called ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
a) Cost
b) Matching
c) Money measurement

11. Accounting concepts include certain basic ‐‐‐‐‐‐‐‐‐‐‐‐
a) Account
b) Transactions
c) Assumptions
d) None of these

12. Expand GAAP
(a) Generally accepted accounting principles
(b) Generally accepted account programmers
(c) General acceptable assumption practices
(d) None of these

13. Profit is only an estimate in this system
a) Nominal system
b) Double entry system
c) Single entry system
d) None of these.

14. ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ is a un systematic, un scientific and incomplete system
a) Single entry system
b) Double entry system
c) Nominal entry
d) None of these.

15.Personal and cash accounts are kept in ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ system
a) Pure single entry system
b) Quasi single entry system
c) Simple single entry system
d) None of these

16. The single entry system cannot be adopted by
a) Sole proprietorship
b) Partnership concern
c) Joint stock companies
d) All of the above

17. Sales + Closing stock – Purchases – Gross profit
a) Purchases returns
b) Sales returns
c) Cost of goods sold
d) Opening stock

18 Bills receivable that are dishonored are debited to
a)Creditors a/c
b) Debtors a/c
c) B/R a/c
d) None of these.

19. The opening statement of affairs is usually prepared to arrive at the figure of

a)   Cash in the beginning
b) Capital in the beginning
c) Debtors
d)  Profit during the year

20. Under the net worth method, the basis of ascertaining profit is the
a) Difference between the liabilities on two dates
b) Difference between gross asset on two dates
c) Difference between capital assets on two dates
d) Increase in net worth before adjusting for drawings and additions to capital

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