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Basic Accounts Quiz: Trivia Exam!

Question 1 of 3

Q1 . Revenues minus expenses equals __________

Q2 . Which term is associated with the left side?

Q3 . Accounting entries involve a minimum of how many accounts?

Q4 . In journal, what will usually cause an asset to increase?

Q5 . Drawings is ---------------------- capital invested.

Q6 . Assets do not include:

Q7 . When cash is received, Cash A/c will be?

Q8 . All expenses and losses are debited under:

Q9 . Debtor is an

Q10 . When expense is incurred, Expense A/c will be?

Q11 . What will be the entry for starting a business with cash and machinery? I. Cash A/C.................Dr Machinery A/C ........Dr To Capital A/c II. Capital A/c ..............Dr Machinery A/c ........Dr To Cash A/c III. Capital A/c .............Dr To Cash A/c To Machinery A/c

Q12 . What will usually cause the liability account Accounts Payable to increase?

Q13 . Generally, fixed assets are:

Q14 . Carriage Outwards is recorded in:

Q15 . Assets are usually reported on the balance sheet at which amount?

Q16 . Closing stock is not shown in?

Q17 . Provision for Doubtful Debts is created in:

Q18 . The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the

Q19 . The goal of managerial accounting is to provide the information that managers need for all of the following EXCEPT:

Q20 . Under the accrual basis of accounting, revenues are reported in the accounting period when the