Accounting Quiz

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Question 1

What is the abbreviation for the accounting terms Debit?

A	“dw”
B	“ds”
C	“dr”
D	“de”

Question 2

What is abbreviation for the accounting terms credit?

A	“cw”
B	“cr”
C	“ce”
D	“cs”

Question 3

What is a statement that states all the liabilities and assets of the company at certain point?

A	Account sheet
B	Work sheet
C	Record sheet
D	Balance sheet

Question 4

TDS indicates

A	Tax Declaration at Source
B	Tax Deduction at Source
C	Tax Deduction at System
D	Tax Description at Source

Question 5

Inactive and dormant accounts are the same thing ?

A	No
B	Yes

Question 6

VAT stands for

A	Value Added Tax.
B	Value Active Tax.
C	Value Address Tax.
D	Valid Active Tax.

Question 7

What is ICAI?

A	Institute of Chartered Accounting in India.
B	Institution of Chartered Accountants in India.
C	Income of Chartered Accountants in India.
D	Institute of Chartered Accountants in India.

Question 8

What is specifically designed for the business that offers services to users?

A	Public accounting
B	Corporate accounting
C	Offset accounting
D	Executive accounting

Question 9

Name of accounting which offers audits and CPAs to review company financial records to ensure accountability.

A	Offset accounting
B	Private accounting
C	Public accounting
D	Executive Accounting

Question 10

CPA stands for

A	Certified Protected Accountant.
B	Certified PersonalAccountant.
C	Certified Private Accountant.
D	Certified Public Accountant.

Question 11

As per _________________, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold

A	Public Accounting
B	Private Accounting
C	Offset accounting
D	Fair value accounting

Question 12

Select an invalid type of accounting

A	Financial Accounting
B	Management Accounting
C	Cost Accounting
D	Debit Accounting

Question 13

Process of checking that whether all these events have been noted down correctly or not.

A	Auditing
B	Accounting
C	Managing
D	Recording

Question 14

What means to equate both sides of the T-account?

A	Balancing
B	Comparing
C	Partitioning
D	Auditing

Question 15

Type of accounting the decreases the net amount of another account to create a net balance.

A	Fair value accounting
B	Offset accounting
C	Public Accounting
D	Private Accounting

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