Accounting Cycle – Fill in the blanks quiz

We have prepared an accounting cycle fill-in-the-blanks quiz for the students to test their knowledge which will be helpful for their exams and interviews. Answer each question and submit the quiz to get results. You can enter your email address to get results in your mailbox. 

Let’s start the Accounting Cycle Fill in the blanks quiz:

Question No. 1 refers to the accounting procedure used to record, classify, summarize and interpret the business transactions.
Question No. 2The standards which are made to make accounting practice uniform and adaptable are known as .
Question No. 3Accounting principles should be result-oriented, factual and .
Question No. 4The assumptions upon which accounting is based are called .
Question No. 5 concept refers that for the purpose of accounting owner and business are two separate entities.
Question No. 6According to concept, this is assumed that the business will operate for a long period of time.
Question No. 7Under concept it is assumed that only those transactions which have a monetary value should be recorded in the book of account.
Question No. 8 concept requires that an asset should be recorded on its cost on which it was purchased.
Question No. 9 concept requires that the life of business should be segregated into equal parts.
Question No. 10 concept requires that the revenues of a particular period must match with the expenses of that period.

Leave a Comment