Quiz # 1

Principles of Accounting

July 24, 2019 - The Current Date

Welcome to your Principles of Accounting Quiz 1. This is first quiz for course Principles of Accounting being offered by Accountancy Knowledge. It covers the following topics:

  1. Accounting Basics
  2. Types of Business
  3. Types of accounts
  4. Accounting Equation
  5. Accounting Variation Proforma

Best of Luck Students!!!

Best Regards,

Zaheer Swati

1. Which of the following is a liability?
2. The amount of salary paid to Sohail should be debited to?
3. Which one of the following statement completely and correctly describes accounting?
4. A large organization with separate legal status is known as?
5. A person who pays out something or to whom money owes is called?
6. Sale proceeds of goods are an example of?
7. External reporting is the result of?
8. Which of the following account is affected from the drawings of cash in sole-proprietorship business?
9. Economic resources of business that expected to be of benefit in future time referred as?
10. Organizations which combine the limited liability advantage in sole ownership are called?