Principles of Accounting Quiz 10 comments April 9, 2020 - The Current DateWelcome 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:Accounting BasicsTypes of BusinessTypes of accountsAccounting EquationAccounting Variation ProformaBest of Luck Students!!!Best Regards,Zaheer Swati1. Organizations which combine the limited liability advantage in sole ownership are called? S Type LLP Hybrid PC2. Which of the following account is affected from the drawings of cash in sole-proprietorship business? Expense account Capital account Shareholder account Liability account3. Sale proceeds of goods are an example of?Please select your answerFinancial accountingAssetsRevenueCreditorsJoint stock company4. The amount of salary paid to Sohail should be debited to? The account of Sohail Cash account No entry passed Salary account5. A large organization with separate legal status is known as?Please select your answerRevenueAssetsCreditorsFinancial accountingJoint stock company6. Economic resources of business that expected to be of benefit in future time referred as?Please select your answerJoint stock companyRevenueFinancial accountingAssetsCreditors7. A person who pays out something or to whom money owes is called?Please select your answerFinancial accountingAssetsJoint stock companyCreditorsRevenue8. Which of the following is a liability?Creditors for goodsCash at BankMotor VehiclesMachinery9. Which one of the following statement completely and correctly describes accounting? Recording, classifying and summarizing all activities in useful manner Recording, classifying and summarizing economic activities in informal manner Recording, classifying and summarizing economic activities in systematic way Accounting is the systematic process of recording social activities only10. External reporting is the result of?Please select your answerJoint stock companyCreditorsRevenueAssetsFinancial accountingSubmit a Comment Cancel replyYour email address will not be published. Required fields are marked *CommentName * Email * Website Save my name, email, and website in this browser for the next time I comment.