SSC CGL Tier II Economics(Accounting principles) Quiz for the post of AAO

Q1. Current Liabilities Include: 
(a) Bills Payable
(b) Creditors
(c) Outstanding Expenses
(d) All of the above

Q2. Which of the following is capital expenditure? 
(a) Wages
(b) Wages paid for building construction
(c) Repair expenses of building
(d) Advertisement Expenses

Q3. A person who owes money to the firm is called……………
(a) Debtor
(b) Creditor
(c) Supplier
(d) None of these

Q4. Goods means: 
(a) Commodity to be sold and but not to be brought
(b) Commodity to be bought but not to be sold
(c) Commodity to be used as an assets
(d) Commodity to be bought and  to be sold

Q5. Trade Discount is: 
(a) Which is allowed at the time of receiving the payment
(b) Which is allowed at the time of sale of goods
(c) Which is allowed both at the time of receiving payment and sale of goods
(d) Allowed in all of the above

Q6. Cash Discount is: 
(a) Which is received at the time of making the payment
(b) Which is allowed at the time of sale of goods
(c) Which is received at the time of sale of goods
(d) Which is received both at the time of making payment and purchases of goods

Q7. Current assets do not include:
(a) Debtors
(b) Motor car
(c) Bank Balance
(d) Prepaid Expenses

Q8. Intangible Assets do not include:
(a) Machinery
(b) Furniture
(c) Stock
(d) All of them

Q9. Which of the following will be treated as drawings? 
(a) Withdrawing money for payment of salary to employees
(b) Withdrawing money for payment of creditors
(c) Withdrawing money from business for private expenses
(d) Withdrawing money for purchase of asset

Q10. Main feature of business transaction is: 
(a) It involves an economic activity
(b) It results in a change in the financial position of the firm
(c) Change must be capable of being expressed in terms of money
(d) All of the above

Q11. Current Liabilities do not include: 
(a) Bills Payable
(b) Creditors
(c) Outstanding Exp.
(d) Debentures

Q12. Purchases refers to the buying of 
(a) Stationary for office use
(b) Assets for the factory
(c) Goods for resale
(d) Investment

Q13. The term sales is used only for the sales of …………. and is never used for the sale of ……………
(a) Assets, Investments
(b) Assets, Goods
(c) Intangible Assets, Goods
(d) Goods, Assets

Q14. Out of the following assets which one is not an intangible assets? 
(a) Patents
(b) Investments
(c) Goodwill
(d) Trabemark

Q15. At the end of financial year, during which sale of goods was worth Rs. 2,00,000, the closing stock is valued at Rs. 10,000. This is …………….
(a) An event
(b) A transaction
(c) Both an event as well as transaction
(d) None of (a) and (b)


S1. Ans.(d)

S2. Ans.(b)

S3. Ans.(a)

S4. Ans.(d)

S5. Ans.(b)

S6. Ans.(a)

S7. Ans.(b)

S8. Ans.(d)

S9. Ans.(c)

S10. Ans.(d)

S11. Ans.(d)

S12. Ans.(c)

S13. Ans.(d)

S14. Ans.(b)

S15. Ans.(c)


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