Below Accounting quiz are Multiple Choice Questions (MCQs) type Quiz. These Accounting MCQ Questions helps you to refresh your Accounting, you can see the correct option by clicking on it. .
1. Liabilities often have the word __________ in their account title.
Assets
Payable
Paid
Equity
2. When cash is received, the account Cash will be
Debited
Credited
3. Assets taken out of a business for the owner's personal use
capital
withdrawals
equities
revenue
4. What will usually cause an asset account to increase?
Debit
Credit
5. Entries to revenues accounts such as Service Revenues are usually
Debits
Credits
6. Switching accounting principles every year would violate the
money measurement principle
consistency principle
7. Entries to expenses such as Rent Expense are usually
Debits
Credits
8. The business or economic entity concept is applicable to
sole proprietorship form of business
partnership form of business
corporate form of business
all of the above
9. The accounting equation is
Assets = Liabilities + Owner's Equity
Assets = Liabilities - Owner's Equity
Assets - Owner's Equity + Liability
10. Unfavourable balance means?
Credit balance in cash book
Credit balance in bank statement
Debit balance in cash book
Debit balance in petty cash book
11. Favourable balance means?
Credit balance in the cash book
Credit balance in the bank statement
Debit balance in cash book
Both B & C
12. Anything of value that is owned
account
asset
withdrawal
expense
13. A decrease in owner's equity resulting from the operation of a business
account
capital
asset
expense
14. Investment by owner
Dr. Cash Cr. Revenue
Dr. Owner's Capital Cr. Cash
Dr. Cash Cr. Accounts Receivable
Dr. Cash Cr. Owner's Capital
15. To which account in the Balance Sheet is the net income or net loss transferred to at the end of the accounting period?