PU COM 2026 Introduction to Accounting Free Quiz 1

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PU COM 2026 Introduction to Accounting Free Quiz 1

PU COM Quiz

10:00

Answered: 0 / 10

Remaining: 10

Navigator 10 Q

General

General 10 MCQs

1. What is accounting?

A. Identifying, recording, and communicating economic information B. Recording only C. Auditing D. Finance

2. What are the objectives of accounting?

A. Profit calculation only B. Providing information for decision-making and accountability C. Taxation only D. Auditing only

3. Who are the users of accounting information?

A. Investors only B. Creditors only C. Investors, creditors, employees, government, management D. Management only

4. What is the accounting equation?

A. Assets = Liabilities - Owner's Equity B. Assets + Liabilities = Owner's Equity C. Owner's Equity = Assets + Liabilities D. Assets = Liabilities + Owner's Equity

5. Which concept assumes a business will continue to operate?

A. Going concern concept B. Consistency concept C. Accrual concept D. Prudence concept

6. Which concept recognizes revenue when earned?

A. Cash basis B. Accrual concept C. Going concern concept D. Prudence concept

7. Which concept requires caution in estimates?

A. Consistency concept B. Accrual concept C. Prudence concept D. Going concern concept

8. Which concept requires using the same methods consistently?

A. Prudence concept B. Accrual concept C. Going concern concept D. Consistency concept

9. Which concept states that only monetary transactions are recorded?

A. Money measurement concept B. Going concern concept C. Consistency concept D. Accrual concept

10. What is the difference between bookkeeping and accounting?

A. Accounting is recording, bookkeeping is analysis B. Bookkeeping is recording, accounting includes analysis C. Both are the same D. Bookkeeping is analysis

📋 PU COM - Test Online Practice Quizzes

Punjab University Entry Test PU-COM

Conducting Body: University of The Punjab (PU)

Frequency: Bi-Annual | Time: 80 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 100 MCQs):

English: 20 MCQs
Accounting: 20 MCQs
Economics: 20 MCQs
Quantitative Reasoning: 20 MCQs

Merit Formula: Merit Formula: Intermediat 50% Matric 25% PU M Entry Test 25%

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