Accounting Quiz

1

Instructions For Quiz

This Mock Test has 15 Questions
Each Question is of 1 marks so total 15 marks
Multiple Choice Questions(MCQ) with only ONE valid answer

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1) What is the abbreviation for the accounting terms Debit?* This field is required.

"dw"

"ds"

"dr"

"de"

3

2) What is abbreviation for the accounting terms credit?* This field is required.

"cw"

"cr"

"ce"

"cs"

4

3) What is a statement that states all the liabilities and assets of the company at certain point?* This field is required.

Account sheet

Work sheet

Record sheet

Balance sheet

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4) TDS indicates* This field is required.

Tax Declaration at Source

Tax Deduction at Source

Tax Deduction at System

Tax Description at Source

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5) Inactive and dormant accounts are the same thing?* This field is required.

No

Yes

7

6) VAT stands for* This field is required.

Value Added Tax.

Value Active Tax.

Value Address Tax.

Valid Active Tax.

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7) What is ICAI?* This field is required.

Institute of Chartered Accounting in India.

Institution of Chartered Accountants in India.

Income of Chartered Accountants in India.

Institute of Chartered Accountants in India.

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8) What is specifically designed for the business that offers services to users?* This field is required.

Public accounting

Corporate accounting

Offset accounting

Executive accounting

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9) Name of accounting which offers audits and CPAs to review company financial records to ensure accountability.* This field is required.

Offset accounting

Private accounting

Public accounting

Executive Accounting

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10) CPA stands for* This field is required.

Certified Protected Accountant.

Certified PersonalAccountant.

Certified Private Accountant.

Certified Public Accountant.

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11) As per _______, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold* This field is required.

Public Accounting

Private Accounting

Offset accounting

Fair value accounting

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12) Select an invalid type of accounting* This field is required.

Financial Accounting

Management Accounting

Cost Accounting

Debit Accounting

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13) Process of checking that whether all these events have been noted down correctly or not.* This field is required.

Auditing

Accounting

Managing

Recording

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14) What means to equate both sides of the T-account?* This field is required.

Balancing

Comparing

Partitioning

Auditing

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15) Type of accounting the decreases the net amount of another account to create a net balance.* This field is required.

Fair value accounting

Offset accounting

Public Accounting

Private Accounting