Accounting & Finance e-Quiz: 2020

Question : 1. Choose the name of the
Father of Accounting Education who was a Franciscan friar born in Borgo San
Sepolcro is now Northern Italy from the following options

Answer : a) Luca Pacioli

Question : 2. Choose the correct
option from the following regarding Double Entry System Accounting

Answer : d) All are correct options

Question : 3. Accounting concept
refers to the basic assumptions and rules and principles which work as the
basis of recording business transactions and preparing accounts. Which one option
from the following does not belong to Accounting Concepts.

Answer : d) Consistency

Question : 4. A Journal Entry is a
record of the business transactions in the accounting books of business. Choose
which one is not a type of journal entry from the following

Answer : d) Duplicate entry

Question : 5. Choose the correct
options/options from the following for the major ways to create a ledger in
Tally

Answer : d) All are correct options

Question : 6. Why a firm prepare the
trial balance after prepare close all ledgers

Answer : a) To know the arithmetic
accuracy of all transaction of the firm

Question : 7. Which of the following
is not an example of Intangible Asset

Answer : d) Land and building

Question : 8. The asset that can be
converted into cash within a short period (One year or less than one year) is
known as

Answer : c) Current Asset

Question : 9. Real Account records
the transaction of the firm

Answer : b) Dealing with commodities

Question : 10. The standard format of
the journal does not include which of the following

Answer : a) Asset column

Question : 11. What are the expenses
paid out of Gross Profit

Answer : d) All of the above

Question : 12. The unfavorable
balance of Profit and Loss account should be

Answer : c) Subtracted from capital

Question : 13. Which of the following
account will be credited, if business bought goods on credit from Mr. Z

Answer : b) Mr. Z account

Question : 14. Interest paid by the
business on loan is an example of

Answer : a) Revenue expense

Question : 15. Which of the following
account will be credited when a Computer sold that has been used in office

Answer : a) Office equipment account

Question : 16. Finance means

Answer : a) Provision of money at
the time when it is required

Question : 17. "Shareholder
wealth" in a firm is represented by:

Answer : d) The market price per
share of the firm's common stock

Question : 18. The long-run objective
of financial management is to:

Answer : b) Maximize the value of
the firm's common stock.

Question : 19. A(n) would be an
example of a principal, while a(n) would be an example of an agent.

Answer : a) Shareholder; manager

Question : 20. The market price of a
share of common stock is determined by:

Answer : d) Individuals buying and selling
the stock.

Question : 21. The focal point of
financial management in a firm is:

Answer : c) The creation of value
for shareholders.

Question : 22. of a firm refers to
the composition of its long-term funds and its capital structure.

Answer : a) Capitalization

Question : 23. In the, future value
of all cash inflow at the end of time horizon at a particular rate of interest
is calculated.

Answer : c) Discounting technique

Question : 24. is the price at which
the bond is traded in the stock exchange.

Answer : c) Market value

Question : 25. enhances the market
value of shares and therefore equity capital is not free of cost.

Answer : b) Dividends