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Accounting Basics Quiz

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Questions and Answers

What is the primary item displayed in a trial balance?

Total Revenue

Expenses Incurred

Assets and Liabilities

List of Account Balances (correct)

Which of the following indicates a reason why paying house rent from business funds is a business transaction?

It is a loan from a bank.

It is an expense incurred for business operations. (correct)

It increases personal equity.

It has no impact on financial records.

Which statement regarding outstanding expenses in cash basis accounting is correct?

They are shown in the trial balance.

They are not recorded. (correct)

They affect the cash flow statement.

They are recorded as liabilities.

What best describes a contingent liability?

<p>A potential obligation depending on future events.</p> Signup and view all the answers

In a scenario where cash sales are 1.5 times credit sales, if credit sales are ₹1,20,000, what does this imply about cash sales?

<p>Cash sales are ₹1,80,000.</p> Signup and view all the answers

Study Notes

General Instructions

The question paper contains 32 questions.
All questions are compulsory.
Marks are given against each question.
Show calculations and working clearly, if needed.

Question 1

The correct answer is "All the above". Trail balances include journal folio, list of account balances, and the data of recording transactions..

Question 2

Mukesh paying rent from business funds is a business transaction.
Paying rent from business funds is considered a business expense.

Question 3

Two differences between cash and accrual accounting methods are required.

Question 4

Cash sales are 1.5 times credit sales.
Credit sales are ₹1,20,000.
Purchases are ₹1,40,000.
Gross profit rate is 25%.
Calculate the value of closing stock.

Question 5

Outstanding expenses are not recorded in cash basis accounting. This is True.

Question 6

If there is current probability of outflow of uncertain funds for settlement and an obligation, "Contingent Liability". is recognized.

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Description

Test your understanding of fundamental accounting principles with this quiz. Covering topics from cash and accrual accounting to business transactions, this quiz will challenge your knowledge and application of these concepts.