Principles of Accounting Quiz 10 comments September 27, 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. Which one of the following statement completely and correctly describes accounting? Recording, classifying and summarizing economic activities in systematic way Recording, classifying and summarizing all activities in useful manner Recording, classifying and summarizing economic activities in informal manner Accounting is the systematic process of recording social activities only2. Sale proceeds of goods are an example of?Please select your answerAssetsFinancial accountingCreditorsJoint stock companyRevenue3. Which of the following is a liability?Cash at BankMotor VehiclesCreditors for goodsMachinery4. External reporting is the result of?Please select your answerAssetsFinancial accountingJoint stock companyCreditorsRevenue5. Economic resources of business that expected to be of benefit in future time referred as?Please select your answerAssetsFinancial accountingJoint stock companyCreditorsRevenue6. A large organization with separate legal status is known as?Please select your answerAssetsRevenueFinancial accountingJoint stock companyCreditors7. Organizations which combine the limited liability advantage in sole ownership are called? S Type PC Hybrid LLP8. Which of the following account is affected from the drawings of cash in sole-proprietorship business? Expense account Shareholder account Liability account Capital account9. A person who pays out something or to whom money owes is called?Please select your answerRevenueFinancial accountingJoint stock companyCreditorsAssets10. The amount of salary paid to Sohail should be debited to? Cash account No entry passed Salary account The account of SohailTime is Up!Submit a Comment Cancel replyYour email address will not be published.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.