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Accounting Quiz

Accounting Quiz

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1. Pay during maternity leave in UAE?

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2. What does working capital measure?

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3. Prepaid Income in accounting?

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4. OGS formula?

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5. Accounts receivable usually have a(n)?

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6. Which financial statement reflects the loss on the sale of an asset?

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7. 3-way matching in P2P?

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8. Discount Received in accounting?

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9. First step in P2P process?

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10. GRN stand for in accounting?

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11. When issuing a debit note to  A/P, what occurs?

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12. Auditors assess a company's financial health based on?

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13. Working capital increases with a rise in?

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14. Is the provision for leave salary in the UAE?

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15. What is a provision for gratuity?

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16. The nature of accumulated depreciation is?

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17. Current portion of long-term debt is ?

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18. What is the other name for the Prudence Principle?

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19. Where is a firm’s net profit transferred?

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20. A debit to Accounts Receivable is when?

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21. Purpose of the statement of cash flows?

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22. What does “deposits in transit” refer to?

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23. An expenditure that benefits only the current period is known as a?

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24. Outstanding expenses are also called?

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25. Q2C in accounting?

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26. Owner’s Current Account in business?

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27. Which assets are not shown directly on the B/S?

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28. Which of the following is not an example of fixed assets?

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29. Which assumption suggests a business will continue for a foreseeable period?

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30. What does the Consistency Concept ensure?

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31. Which A/C is credited while selling our company’s machinery in cash?

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32. Materiality Concept focuses on disclosing?

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33. Revaluation Surplus in accounting refer to?

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34. Prepaid expenses are?

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35. Which concept treats a business as separate from its owners?

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36. Fixed assets are usually reported in the balance sheet on?

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37. Which of the following may be a contingent liability?

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38. Which financial statement provides a snapshot of a company’s financial position at a specific point in time?

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39. Which accounting concept relates to the recognition of obligations as liabilities?

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40. What type of expenditure is revenue expenditure?

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41. formula for calculating the debt-to-equity ratio?

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42. Which A/C is debited in the entry for depreciation?

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43. Main purpose of LC?

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44. What Are Capital Expenditures?

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45. What’s O2C?

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46. Which is a non-operating expense?

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47. Treatment of current portion of long-term debt?

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48. Revenue should be recognized when?

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49. What is the purpose of the audit trail?

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50. Purpose of provision for expenses?

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51. Which of these is an operating expense?

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52. Accrual concept?

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53. What is the origin of accounts payable?

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54. Total liabilities exceed total assets?

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55. Paid electricity for our associated company is?

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56. Allowance for Doubtful Accounts is also known as?

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57. TDS stands for Tax Deduction _____?

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58. Which of the following is not an example of a fictitious asset in a company?

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59. Who approves invoices in three-way matching?

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60. Is an advance to suppliers of goods categorized as?

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61. What does PDC Discount mean?

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62. When the actual gratuity exceeds the provision?

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63. Final step in O2C process?

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64. What ensures revenues match expenses?

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65. Discount Allowed’ refer to in accounting?

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66. Aging report categorizes?

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67. What category does bad debt recovered fall into?

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68. What is the purpose of revaluing a fully depreciated asset?

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69. Maternity leave duration in UAE?

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70. The main purpose of a balance sheet is to?

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71. R2R stand for in accounting?

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72. What are capital goods?

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73. Refundable deposits from customers belong?

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74. Final step in R2R?

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75. What is the purpose of the trial balance in accounting?

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76. What does a cash budget primarily focus on?

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77. A company’s loan to an employee is?

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78. Buyer’s document for purchase return?

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79. A debit to Accounts Payable is when?

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80. FIFO stands for?

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81. Deferrals and accruals are based on?

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82. How is gratuity provision accounted for?

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83. What is P2P?

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84. If ₹5,400 is recorded as ₹4,500, what’s the error?

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85. What future events trigger contingent liabilities?

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