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