Sunday 7 April 2019


Accounting Quiz


Accounting Multiple Choice Questions (MCQs). Find answers to the following quizzes at the bottom of the page.

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6. The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:
(A) Company Law
(B) Accounting standards
(C) Both A and B
(D) None of these
7. What standards are used to prepare financial statements by most of the countries and companies
(A) International Financial Reporting Standards
(B) International Financial Accounting Standards
(C) International Accounting & Auditing Standards
(D) International Risk Reporting Standards
8. The correct form of Accounting equation is
(A) Assets + Liabilities = Equity
(B) Assets – Liabilities = Equity
(C) Assets – Receivable = Equity
(D) Assets + Receivable = Equity
9. A company sold goods worth $5,000 on 5 June and $10,000 on 28 June. The company received the first payment on 25 June and second on 7 July. The company prepared the financial statement on 30 June. What would be the total sale on the financial statement?
(A) $0
(B) $5,000
(C) $10,000
(D) $15,000
10. Advance payments are recognized as
(A) receivable
(B) payable
(C) bad debt
(D) none of these
ANSWERS: ACCOUNTING QUIZ
6(C) 7(A) 8(B) 9(D) 10(A)

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