April 9, 2020 - 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. Organizations which combine the limited liability advantage in sole ownership are called?
2. Which of the following account is affected from the drawings of cash in sole-proprietorship business?
3. Sale proceeds of goods are an example of?
4. The amount of salary paid to Sohail should be debited to?
5. A large organization with separate legal status is known as?
6. Economic resources of business that expected to be of benefit in future time referred as?
7. A person who pays out something or to whom money owes is called?
8. Which of the following is a liability?
9. Which one of the following statement completely and correctly describes accounting?
10. External reporting is the result of?