Accounting Quiz
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1. Purpose of provision for expenses?
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2. FIFO stands for?
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3. What are capital goods?
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4. Revenue should be recognized when?
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5. A debit to Accounts Payable is when?
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6. Purpose of the statement of cash flows?
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7. When issuing a debit note to A/P, what occurs?
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8. Who approves invoices in three-way matching?
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9. Which is a non-operating expense?
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10. What is the purpose of revaluing a fully depreciated asset?
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11. What does working capital measure?
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12. Buyer’s document for purchase return?
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13. Total liabilities exceed total assets?
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14. Aging report categorizes?
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15. What is a provision for gratuity?
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16. Which A/C is credited while selling our company’s machinery in cash?
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17. What does PDC Discount mean?
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18. What ensures revenues match expenses?
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19. formula for calculating the debt-to-equity ratio?
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20. Refundable deposits from customers belong?
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21. What’s O2C?
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22. When the actual gratuity exceeds the provision?
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23. Which of the following is not an example of fixed assets?
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24. Which concept treats a business as separate from its owners?
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25. Paid electricity for our associated company is?
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26. What does “deposits in transit” refer to?
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27. Which assumption suggests a business will continue for a foreseeable period?
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28. Materiality Concept focuses on disclosing?
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29. Final step in O2C process?
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30. Maternity leave duration in UAE?
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31. What future events trigger contingent liabilities?
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32. What type of expenditure is revenue expenditure?
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33. GRN stand for in accounting?
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34. Is the provision for leave salary in the UAE?
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35. Pay during maternity leave in UAE?
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36. Owner’s Current Account in business?
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37. An expenditure that benefits only the current period is known as a?
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38. Working capital increases with a rise in?
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39. Where is a firm’s net profit transferred?
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40. Outstanding expenses are also called?
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41. What is P2P?
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42. Allowance for Doubtful Accounts is also known as?
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43. TDS stands for Tax Deduction _____?
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44. Auditors assess a company's financial health based on?
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45. A debit to Accounts Receivable is when?
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46. Is an advance to suppliers of goods categorized as?
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47. First step in P2P process?
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48. Prepaid Income in accounting?
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49. If ₹5,400 is recorded as ₹4,500, what’s the error?
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50. A company’s loan to an employee is?
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51. What does the Consistency Concept ensure?
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52. Discount Allowed’ refer to in accounting?
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53. What is the purpose of the trial balance in accounting?
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54. Which financial statement reflects the loss on the sale of an asset?
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55. What Are Capital Expenditures?
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56. Which accounting concept relates to the recognition of obligations as liabilities?
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57. Accounts receivable usually have a(n)?
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58. Which of the following may be a contingent liability?
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59. The nature of accumulated depreciation is?
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60. Prepaid expenses are?
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61. What is the origin of accounts payable?
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62. OGS formula?
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63. Q2C in accounting?
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64. What category does bad debt recovered fall into?
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65. R2R stand for in accounting?
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66. Discount Received in accounting?
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67. Final step in R2R?
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68. Current portion of long-term debt is ?
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69. Fixed assets are usually reported in the balance sheet on?
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70. Revaluation Surplus in accounting refer to?
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71. The main purpose of a balance sheet is to?
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72. Which financial statement provides a snapshot of a company’s financial position at a specific point in time?
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73. What does a cash budget primarily focus on?
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74. What is the purpose of the audit trail?
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75. How is gratuity provision accounted for?
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76. Which assets are not shown directly on the B/S?
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77. Which A/C is debited in the entry for depreciation?
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78. Main purpose of LC?
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79. Which of these is an operating expense?
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80. Deferrals and accruals are based on?
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81. Which of the following is not an example of a fictitious asset in a company?
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82. Accrual concept?
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83. 3-way matching in P2P?
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84. Treatment of current portion of long-term debt?
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85. What is the other name for the Prudence Principle?
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