Quiz # 1 Principles of AccountingMay 7, 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 goodsMachineryMotor VehiclesCash at Bank2. Sale proceeds of goods are an example of?Please select your answerFinancial accountingCreditorsJoint stock companyRevenueAssets3. Which one of the following statement completely and correctly describes accounting?Recording, classifying and summarizing economic activities in informal mannerRecording, classifying and summarizing all activities in useful mannerAccounting is the systematic process of recording social activities onlyRecording, classifying and summarizing economic activities in systematic way4. External reporting is the result of?Please select your answerRevenueAssetsCreditorsJoint stock companyFinancial accounting5. The amount of salary paid to Sohail should be debited to?No entry passedThe account of SohailCash accountSalary account6. Which of the following account is affected from the drawings of cash in sole-proprietorship business?Shareholder accountExpense accountLiability accountCapital account7. Organizations which combine the limited liability advantage in sole ownership are called?LLPHybridPCS Type8. Economic resources of business that expected to be of benefit in future time referred as?Please select your answerCreditorsRevenueJoint stock companyAssetsFinancial accounting9. A large organization with separate legal status is known as?Please select your answerFinancial accountingAssetsJoint stock companyCreditorsRevenue10. A person who pays out something or to whom money owes is called?Please select your answerJoint stock companyRevenueFinancial accountingAssetsCreditorsTime is Up!