Accounting Question with Answer

11. Which of the following would not be found on a standardized income statement?

  1. Distribution Costs
  2. Turnover
  3. Other Operating Income
  4. Value of Intangible Non-current Assets

12. Which of the following is not an expense?

  1. Materials
  2. Wages and Salaries
  3. Dividend Payments
  4. Stationery

13. Which of the following is not a debit balance?

  1. Capital Account
  2. Wages and Salaries
  3. Cost of Buildings
  4. Taxation Paid

14. In which year was the Limited Liability Act passed?

  1. 1948
  2. 1494
  3. 1855
  4. 1844

15. Return on Investment Ratio (ROI) =

  1. (Net profit / Total assets) x 100
  2. (Gross profit / Net sales) x 100
  3. (Gross profit x Sales / Fixed assets) x 100
  4. (Net profit / Sales) x 100

16. Which account is not a liability account?

  1. Notes payable
  2. Accounts payable
  3. Accrued expenses
  4. Cash

17. Which of the following is not a liability?

  1. Depreciation on Motor Vehicle
  2. Accrued Accountancy Fees
  3. Hire Purchase Creditor
  4. Bank Overdraft

18. Which of the following is not a credit balance?

  1. Interest Received
  2. Accumulated Depreciation of Fixtures and Fittings
  3. Sales Income
  4. Interest Paid

19. Sales expenditure budget is prepared by estimating the expense(s) of

  1. All of the above
  2. Advertisement
  3. Market analysis
  4. Salesmans salary

20. Which of these is not included as a separate item in the basic accounting equation?

  1. Stockholders equity
  2. Assets
  3. Liabilities
  4. Revenues

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