Quiz # 1 Principles of AccountingFebruary 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. Which of the following is a liability?Creditors for goodsCash at BankMotor VehiclesMachinery2. A person who pays out something or to whom money owes is called?Please select your answerRevenueCreditorsAssetsJoint stock companyFinancial accounting3. Organizations which combine the limited liability advantage in sole ownership are called?LLPHybridS TypePC4. External reporting is the result of?Please select your answerAssetsCreditorsFinancial accountingJoint stock companyRevenue5. Which of the following account is affected from the drawings of cash in sole-proprietorship business?Capital accountExpense accountShareholder accountLiability account6. Economic resources of business that expected to be of benefit in future time referred as?Please select your answerFinancial accountingJoint stock companyRevenueAssetsCreditors7. The amount of salary paid to Sohail should be debited to?Cash accountNo entry passedSalary accountThe account of Sohail8. Which one of the following statement completely and correctly describes accounting?Accounting is the systematic process of recording social activities onlyRecording, classifying and summarizing all activities in useful mannerRecording, classifying and summarizing economic activities in systematic wayRecording, classifying and summarizing economic activities in informal manner9. A large organization with separate legal status is known as?Please select your answerAssetsCreditorsJoint stock companyRevenueFinancial accounting10. Sale proceeds of goods are an example of?Please select your answerJoint stock companyRevenueAssetsCreditorsFinancial accountingTime is Up!
