Principles of Accounting Quiz 10 comments January 26, 2021 - 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?HybridPCS TypeLLP2. The amount of salary paid to Sohail should be debited to?Cash accountSalary accountNo entry passedThe account of Sohail3. A large organization with separate legal status is known as?Please select your answerFinancial accountingCreditorsRevenueJoint stock companyAssets4. Which of the following is a liability?Cash at BankMotor VehiclesMachineryCreditors for goods5. A person who pays out something or to whom money owes is called?Please select your answerRevenueCreditorsJoint stock companyAssetsFinancial accounting6. External reporting is the result of?Please select your answerJoint stock companyAssetsCreditorsRevenueFinancial accounting7. Economic resources of business that expected to be of benefit in future time referred as?Please select your answerRevenueJoint stock companyCreditorsAssetsFinancial accounting8. Which one of the following statement completely and correctly describes accounting?Recording, classifying and summarizing economic activities in informal mannerAccounting is the systematic process of recording social activities onlyRecording, classifying and summarizing economic activities in systematic wayRecording, classifying and summarizing all activities in useful manner9. Which of the following account is affected from the drawings of cash in sole-proprietorship business?Liability accountExpense accountShareholder accountCapital account10. Sale proceeds of goods are an example of?Please select your answerFinancial accountingRevenueCreditorsAssetsJoint stock companyTime is Up!Submit a Comment Cancel replyYour email address will not be published.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. Notify me of new posts by email.