Quiz # 1 Principles of AccountingDecember 1, 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. The amount of salary paid to Sohail should be debited to? Cash account The account of Sohail Salary account No entry passed2. Economic resources of business that expected to be of benefit in future time referred as?Please select your answerRevenueAssetsCreditorsJoint stock companyFinancial accounting3. Sale proceeds of goods are an example of?Please select your answerFinancial accountingRevenueCreditorsAssetsJoint stock company4. Which of the following is a liability?Creditors for goodsCash at BankMotor VehiclesMachinery5. Which of the following account is affected from the drawings of cash in sole-proprietorship business? Capital account Liability account Expense account Shareholder account6. Which one of the following statement completely and correctly describes accounting? Recording, classifying and summarizing economic activities in informal manner Accounting is the systematic process of recording social activities only Recording, classifying and summarizing all activities in useful manner Recording, classifying and summarizing economic activities in systematic way7. A person who pays out something or to whom money owes is called?Please select your answerCreditorsJoint stock companyFinancial accountingRevenueAssets8. Organizations which combine the limited liability advantage in sole ownership are called? PC Hybrid S Type LLP9. A large organization with separate legal status is known as?Please select your answerFinancial accountingCreditorsRevenueAssetsJoint stock company10. External reporting is the result of?Please select your answerFinancial accountingRevenueCreditorsAssetsJoint stock companyTime is Up!