Accounting Basics Quiz

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Test your knowledge of accounting fundamentals!

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Miriam Masibameng

Papua New Guinea

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Accounting Basics Quiz


Accounting Basics QuizVersion en ligne Test your knowledge of accounting fundamentals! par Miriam Masibameng 1 What is the primary purpose of accounting? a To record and analyze financial transactions b To design products c To manage employee schedules d To create marketing strategies 2 Which financial statement shows a company's assets, liabilities, and equity? a Profit and Loss Report b Balance Sheet c Cash Flow Statement d Income Statement 3 What does 'debit' mean in accounting? a A type of income b An entry on the left side of an account c An entry on the right side d A type of expense 4 Which account type increases with a credit? a Expenses b Assets c Revenue d Liabilities 5 What is the term for the money earned from sales? a Revenue b Liabilities c Assets d Expenses 6 Which accounting principle requires recording expenses when incurred? a Conservatism b Revenue Recognition c Cost Principle d Matching Principle 7 What is an asset? a A company's debt b Something valuable owned by a company c A type of expense d A profit 8 What does 'liability' mean in accounting? a An asset owned b A debt or obligation owed by a company c A type of expense d A source of income 9 Which document summarizes a company's financial position? a Balance Sheet b Cash Flow Statement c Income Statement d Audit Report 10 What is the purpose of a journal in accounting? a To record transactions chronologically b To prepare tax returns c To track inventory d To manage payroll 11 What is an invoice? a A receipt of payment b A document showing outstandings owing from debtors/customers c Items requested from vendor d Items received from vendor 12 What is a credit sale? Choose one or more answers a A sale recorded in an invoice b A sale paid for with cash c A sale to be settled in cash at a later date d A reduction in inventory 13 PNG's financial year ends: a 30th June b 1st July c 31st December d 1st January 14 What government body is responsible for the incorporation of companies? a IRC (Internal Revenue Commission) b BPNG (Bank of PNG) c ICCC (Independent Consumer and Competition Commission) d IPA (Investment Promotion Authority) 15 The PNGLNG project is a: a Partnership b Incorporated Joint Venture c Limited Company d Unincorporated Joint Venture 16 You pay cash for an invoice from PNG Power Ltd (PPL). Which of the following is true? Choose one or more answers a Cash decreases b Electricity expense increases c Electricity expense decreases d Revenue decreases 17 What is the corporate income tax rate in PNG? a 45% b 40% c 30% d 20% 18 Hardware Haus Limited is a __________ of CPL Group: a Branch b Associate c Subsidiary d Affiliate 19 Which SOE is responsible for managing landowner and provincial interests in resource projects (i.e. acts as a trustee of landowner interests)? a Kumul Petroleum Holdings Limited (KPHL) b Mineral Resources Development Company (MRDC) c Petromin Holdings d Kumul Consolidated Holdings (KCH) 20 Which of the following is not a domestically incorporated company? a Newcrest PNG 2 Limited b Exxon Mobil Corporation c ExxonMobil PNG Limited d TotalEnergies EP PNG Limited 21 What is payroll? a Calculation of employee benefits b A function of HR (Human Resources) c Settlement of employee wages/salaries and entitlements d Accrual for employee wages/salaries and entitlements 22 What is insurance? a Security for a loan b Third party risk transfer for the protection of assets c Coverage for liabilities d Safeguarding of assets 23 What is depreciation? a Loss of functionality of an asset. b Cost of replacing an asset with a similar product at current market prices. c Periodic cost of wear and tear of tangible non-current assets. d Apportionment of capitalized costs into the income statement. 24 What is the primary aim of a business? a Make profit b Produce goods/services for public consumption c Generate returns for shareholders d Provide jobs 25 Which of the the following is an example of non-financial information? a Customer reviews b Prime business location c Non-adjusting subsequent event d Superior quality of goods 26 What is credit risk? a The risk of having your credit rating lowered b The risk of defaulting on financial obligations to third parties c The risk of having your credit limit lowered d The risk of being denied a loan by a bank 27 What is a ledger? a A summary of financial transaction details showing debit or credit amounts (for each account). b A book of initial entry for financial transactions, showing debit and credit amounts. c A summary of accounts and balances d A chart showing accounts and account codes 28 What is double-entry accounting? a Transactions are recorded on both the debit and credit sides of a ledger. b A system of ensuring completeness of financial transactions. c All transactions are grouped into debits and credits. d Every financial transaction has an equal debit and credit aspect. 29 Which act/s of Parliament stipulates how financial records of companies are to be kept? Choose one or more answers a Companies Act 1997 b Securities Act 1997 c Public Finance (Management) Act 1995 d Electronic Transactions Act 2021 30 What type of expense is insurance? a Prepaid b Accrued c Cash-based d Contingent 31 Which body is responsible for setting interest rates? a Public Accounts Committee b Commercial Banks c Bank of PNG d IPA 32 Which of the following accounts have a debit nature? Choose one or more answers a Commissions Received b Drawings c Purchase Returns d Sales Returns

Accounting Basics Quiz

Test

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Accounting Basics QuizVersion en ligne

par Miriam Masibameng

What is the primary purpose of accounting?

Which financial statement shows a company's assets, liabilities, and equity?

What does 'debit' mean in accounting?

Which account type increases with a credit?

What is the term for the money earned from sales?

Which accounting principle requires recording expenses when incurred?

What is an asset?

What does 'liability' mean in accounting?

Which document summarizes a company's financial position?

What is the purpose of a journal in accounting?

What is an invoice?

What is a credit sale?

PNG's financial year ends:

What government body is responsible for the incorporation of companies?

The PNGLNG project is a:

You pay cash for an invoice from PNG Power Ltd (PPL). Which of the following is true?

What is the corporate income tax rate in PNG?

Hardware Haus Limited is a __________ of CPL Group:

Which SOE is responsible for managing landowner and provincial interests in resource projects (i.e. acts as a trustee of landowner interests)?

Which of the following is not a domestically incorporated company?

What is payroll?

What is insurance?

What is depreciation?

What is the primary aim of a business?

Which of the the following is an example of non-financial information?

What is credit risk?

What is a ledger?

What is double-entry accounting?

Which act/s of Parliament stipulates how financial records of companies are to be kept?

What type of expense is insurance?

Which body is responsible for setting interest rates?

Which of the following accounts have a debit nature?