Accounting Quizzes

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Accounting Multiple Choice Questions (MCQs). Accounting Quizzes from 11 to 15.
FEATURED ACCOUNTING QUIZZES
1. Which of the following is not a business transaction?
(A) Purchasing office supplies
(B) Hiring a new employee
(C) Paying interest on a business loan
(D) Receiving fees for services

2. A company is owned by its
(A) directors
(B) employees
(C) shareholders
(D) managers

3. The goods which are purchased for the purpose of resale are known as
(A) inventory
(B) merchandise
(C) purchases
(D) traded goods

ANSWERS: ACCOUNTING QUIZZES
1. (B) Hiring a new employee
2. (C) shareholders
3. (A) inventory

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11. The accounting process of allocation cost of intangible assets is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

12. The process of recording consumption of natural resources (or wasting assets) is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

13. The concept that the enterprise will continue in a foreseeable future is known as
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

14. What from the following is NOT a capital expense?
(A) Purchase of property
(B) Purchase of office equipment
(C) Replacement of a vehicle,
(D) Repair of a vehicle

15. An item of equipment cost $300,000 and has a residual value of $50,000 at the end of its expected useful life of four years. What is the depreciable amount?
(A) $50,000
(B) $250,000
(C) $300,000
(D) $350,000

ANSWERS: ACCOUNTING QUIZZES
11. (A) Amortization
12. (B) Depletion
13. (C) Going Concern
14. (D) Repair of a vehicle
15. (B) $250,000