Principles of Accounting Quiz 10 comments July 7, 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 of the following is a liability?Cash at BankMotor VehiclesMachineryCreditors for goods2. Which of the following account is affected from the drawings of cash in sole-proprietorship business? Shareholder account Capital account Liability account Expense account3. Economic resources of business that expected to be of benefit in future time referred as?Please select your answerJoint stock companyAssetsFinancial accountingCreditorsRevenue4. The amount of salary paid to Sohail should be debited to? Salary account Cash account No entry passed The account of Sohail5. A large organization with separate legal status is known as?Please select your answerAssetsCreditorsJoint stock companyRevenueFinancial accounting6. Which one of the following statement completely and correctly describes accounting? Recording, classifying and summarizing economic activities in informal manner Recording, classifying and summarizing all activities in useful manner Recording, classifying and summarizing economic activities in systematic way Accounting is the systematic process of recording social activities only7. Sale proceeds of goods are an example of?Please select your answerFinancial accountingRevenueAssetsJoint stock companyCreditors8. Organizations which combine the limited liability advantage in sole ownership are called? Hybrid S Type LLP PC9. A person who pays out something or to whom money owes is called?Please select your answerRevenueFinancial accountingAssetsJoint stock companyCreditors10. External reporting is the result of?Please select your answerRevenueFinancial accountingJoint stock companyCreditorsAssetsTime is Up!Submit a Comment Cancel replyYour email address will not be published.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.