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