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Introduction to financial accounting Multiple choice questions (MCQs) quiz
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ABOUT THIS QUIZ:
- Chapter: Introduction to financial accounting
- Quiz Type: Multiple choice questions (MCQs) quiz
- Number of MCQs: 25
- Total Points: 25
- Approximate Time Required: 10 – 15 minutes
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Question 1 of 25
1. Question
The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as:
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Question 2 of 25
2. Question
The branch of accounting that generates reports and information for the use of internal management is known as:
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Question 3 of 25
3. Question
Which one of the following is not an external user of accounting information?
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Question 4 of 25
4. Question
Which of the following is correct?
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Question 5 of 25
5. Question
Who is known as the father of accounting?
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Question 6 of 25
6. Question
Which of the following is correct about double entry system of accounting?
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Question 7 of 25
7. Question
The format of account that tells the balance after each entry is known as:
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Question 8 of 25
8. Question
T-account format is used in situations where account balance is required:
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Question 9 of 25
9. Question
In a T-account, the balance is equal to:
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Question 10 of 25
10. Question
A list of account names used in general ledger of an organization is known as:
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Question 11 of 25
11. Question
The type and number of accounts to be listed in a chart of accounts depends on:
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Question 12 of 25
12. Question
Which one of the following is not a real account?
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Question 13 of 25
13. Question
Which one of the following is not a nominal account?
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Question 14 of 25
14. Question
Which one of the following is a personal account?
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Question 15 of 25
15. Question
Which one of the following is valuation (or contra) account?
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Question 16 of 25
16. Question
Which one of the following is a withdrawal account?
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Question 17 of 25
17. Question
Which one of the following is a characteristic of a valid business transaction?
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Question 18 of 25
18. Question
Which one of the following is an internal transaction?
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Question 19 of 25
19. Question
Which of the following normally have a debit balance?
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Question 20 of 25
20. Question
When an asset increases, its account is:
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Question 21 of 25
21. Question
When a liability increases, its account is:
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Question 22 of 25
22. Question
An account used to determine the carrying or net value of another account is known as:
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Question 23 of 25
23. Question
In accounting equation (Assets = Liabilities + Owner’s equity), the liabilities means the claim of external creditors against:
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Question 24 of 25
24. Question
Accumulated depreciation account and allowance for doubtful accounts account are two examples of contra asset account. The normal balance of these two accounts would be:
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Question 25 of 25
25. Question
According to modern approach, the accounts are classified as:
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