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ACCOUNTING FOR BUSINESS

A vibrant and educational illustration of accounting concepts, like balance sheets, ledger books, and calculators, with a student studying at a desk surrounded by financial documents.

Accounting for Business Quiz

Test your knowledge and understanding of fundamental accounting principles with our engaging quiz designed specifically for aspiring accountants and business professionals.

Whether you are a student, teacher, or just someone interested in accounting, this quiz will help you:

Reinforce your learning
Identify areas for improvement
Enhance your understanding of accounting concepts

16 Questions4 MinutesCreated by BalancingBooks315

Which golden rule is applicable for assets

Real account rule

Personal account rule

Nominal Account rule

This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities.

Money Measurment Concept

Going Concern Concept

Business Entity Concept

Matching Concept

This concept requires that a balance sheet and profit and loss account should be prepared at regular intervals. This is necessary for different purposes like, calculation of profit, ascertaining financical position, tax computation etc. Further, this concept assumes that, indefinite life of business is divided into parts. It may be of one year, six months, three months, one month, etc.

Historical cost concept

Going concern concept

Realisation concept

Accounting period concept

Which among these is not an accounting Conventions

Conservatism Convention

Convention of Full Disclosure

Consistency Convention

Accounting Convention of Materiality

Convention of Cost

Purchase is debited in a journal entry

Yes

Sales return is credited in a journal entry

Yes

Started business with cash, which is the correct treatment

Cash A/c Debit, Capital A/c Credit

Capital A/c debit, Cash A/c Credit

Owners A/c Debit, Cash A/c Credit

Owners A/c Debit, Capital A/c Credit

Which financial statement displays the revenues and expenses of a company for a period of time?

Income statement

Balance Sheet

Cash Flow Statement

Statement of stock holders equity

What is the main purpose of financial accounting?

Organise financial information

Provide useful financial information to outsiders

Keep track of company expenses

Minimize company taxes

Asset accounts have what type of balance?

Debit

Credit

Contra

All of the above

Any written evidence in support of a business transaction is called

Journal

Ledger

Ledger posting

Voucher

The account that records expenses, losses, incomes and gains is

Personal

Real

Nominal

Non of the above

The process of transferring all transactions from a journal to a ledger is known as:

Entry

Posting

Recording

None of the above

Balance sheet is a statement of

Assets

Liabilities

Capital

All of the above

Provide journal entry for, bad debts written off from ganesh (ignore amounts)

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