Accounting Job Test Questions and Answers Part 3

Accounting Job Test Questions Questions Part 2

Following are the important questions that are usually asked in a job test for accounting and finance posts jobs. Hopefully, this will be very helpful for you in the preparation for your job tests and interviews.

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Day book is also known as?

Correct! Wrong!

Day Book is the other name of Journal.

What is a compound entry?

Correct! Wrong!

A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one of both debits and credits.

When does the capital of a company increases?

Correct! Wrong!

The capital of a company increases when its revenue increases.

Identifying an economic transaction is which phase of accounting cycle?

Correct! Wrong!

Identifying an economic transaction is the first phase of an accounting cycle.

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What is a Real Account?

Correct! Wrong!

A real account is an account that retains and rolls forward its ending balance at the end of the year. These amounts then become the beginning balances in the next period.

Cash Account is credited when?

Correct! Wrong!

Cash Account is credited when a building is purchases by the organization for cash.

Revenue - Expenses =?

Correct! Wrong!

Revenue minus Expenses is the net income of the company.

What causes the decrease in Assets?

Correct! Wrong!

When an expense is recorded at the same time it is paid for with cash, the cash (asset) account declines, while the amount of the expense reduces the retained earnings account.

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What increases the Assets & Equity?

Correct! Wrong!

The Assets & Equity of a company increases when fresh capital is introduced.

An Asset possessed by the business should be shown in which part of balance sheet?

Correct! Wrong!

An Asset possessed by the business should be shown in Asset part of balance sheet.

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