SSC CGL Tier II Economics(Accounting principles) Quiz for the post of AAO_00.1
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SSC CGL Tier II Economics(Accounting principles) Quiz for the post of AAO

SSC CGL Tier II Economics(Accounting principles) Quiz for the post of AAO_40.1

Q1. Which of the following is  a subfield of accounting?
(a) Management
accounting
(b) Cost
accounting
(c) Financial
accounting
(d) All of
the above
Q2. Purpose
of an accounting system include all the following except
(a)
Interpret and record the effects of business transaction
(b) Classify
the effects of transactions to facilitate the preparation of reports
(c)
Summarize and communicate information to decision makers
(d) Dictate
the specific types of business enterprise transactions that the enterprise may
engage in 
Q3.
Book-keeping is mainly concerned with
(a) Recoding
of financial data 
(b)
Designing the systems in recording classifying and summarising the recorded
data
(c)
Interpreting the data for internal and external users
(d) Analyzing
the data
Q4. All of
the following are functions of Accounting except
(a) Decision
making
(b)
Measurement
(c)
Forecasting 
(d) Ledger
positing
Q5.
Financial statements are part of
(a)
Accounting
(b)
Book-keeping
(c)
Management Accounting
(d) None of
the above
Q6. Which
account is not a liability account?
(a) accounts
payable
(b) accrued
expenses
(c) cash
(d) notes
payable
Q7. Asset accounts have what type of balance?
(a) debit
(b) credit
(c) contra
(d) all of the above
Q8. Which account increases equity?
(a) expenses
(b) withdrawals
(c) treasury stock
(d) revenues
Q9.Which of
these is not included as a separate item in the basic accounting equation?
(a)assets
(b)revenues
(c)liabilities
(d)stockholder’s
equity
Q10. What is
the main purpose of financial accounting?
(a) organize
financial information
(b) provide
useful, financial information to outsiders
(c) keep
track of company expenses
(d) minimize
company taxes
Q11.
Financial position of the business is ascertained on the basis of
(a) Records
prepared under book-keeping process
(b) Trial
balance
(c)
Accounting reports
(d) None of
the above
Q12. Users
of accounting information include
(a)
Creditors/Suppliers
(b) Lenders
(c)
Customers
(d) All of
the above
Q13.
Financial statements do not consider
(a) Assets
expressed in monetary terms
(b)
Liabilities expressed in monetary terms
(c) Only
assets expressed in non-monetary terms 
(d) Assets
and liabilities expressed in non-monetary terms
  
Q14. On
January 1, Sohan paid rent of ‘10,000. This can be classified as
(a) An event
(b) A
transaction
(c) A
transaction as well as an event
(d) Neither
a transaction nor an event
Q15. On
March 31, 2015 after sale of goods worth ‘5,000, he is left with the closing
inventory of ’15,000. This is
(a) An event
(b) A
transaction as well as an event
(c) A
transaction
(d) Neither
a transaction nor an event
                            Solutions
S1. Ans.(d)
Sol.
S2. Ans.(d)
Sol.

S3. Ans.(a)
Sol.
S4. Ans.(b)
Sol.

S5. Ans.(a)
Sol.

S6. Ans.(b)
Sol.
S7. Ans.(a)
Sol.

S8. Ans.(d)
Sol.

S9. Ans.(b)
Sol.

S10. Ans.(b)
Sol.

S11. Ans.(c)
Sol.

S12. Ans.(d)
Sol.

S13. Ans.(d)
Sol.

S14. Ans.(b)
Sol.

S15. Ans.(a)
Sol.

    
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