Accounting Terms Quiz-2

Quiz
•
others
•
11th Grade
•
Medium
Raj Narayan Yadav
Used 48+ times
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25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not an accounting term?
Journal
Ledger
Pencil
Trial balance
Answer explanation
Pencil is not an accounting term because it is a writing instrument, not a financial concept.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a liability
Cash
Accounts receivable
Accounts payable
Inventory
Answer explanation
Accounts payable is an example of a liability because it represents the amount owed by a company to its creditors for goods or services received.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a revenue account?
Rent expense
Salaries payable
Sales revenue
Accounts receivable
Answer explanation
Sales revenue is an example of a revenue account because it represents the income generated from the sale of goods or services.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a contra account?
Depreciation expense
Accounts payable
Sales revenue
Cost of goods sold
Answer explanation
Depreciation expense is an example of a contra account because it is used to reduce the value of an asset on the balance sheet.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a characteristic of a fixed asset?
It is expected to be held for less than one year.
It is not used in the production of goods or services.
It is tangible and long-term in nature.
It is recorded as an expense when purchased.
Answer explanation
A fixed asset is tangible and long-term in nature.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following financial statements shows a company's revenues and expenses over a period of time?
Balance sheet
Income statement
Statement of cash flows
Statement of retained earnings
Answer explanation
The income statement shows a company's revenues and expenses over a period of time, highlighting the correct choice.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a non-cash expense?
Rent expense
Depreciation expense
Salaries expense
Advertising expense
Answer explanation
Depreciation expense is a non-cash expense that represents the decrease in value of an asset over time.
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