
Financial Accounting Basic

Quiz
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Business
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Professional Development
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Medium

Diovel Poblador
Used 16+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which financial statement displays the revenues and expenses of a company for a period of time?
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Owners' Equity
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the main purpose of financial accounting?
Organize financial information
Provide useful, financial information to outsiders
Keep track of company expenses
minimize company taxes
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of these is not included as a separate item in the basic accounting equation?
Assets
Revenues
Liabilities
Owner's Equity
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which financial statement uses the expanded accounting equation?
Income statement
Balance sheet
Cash flow statement
Statement of owner's equity
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The accrual basis of accounting records revenues when they are:
Collected
Earned
Contracted
Readily available for use
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The account format that displays debits, credits, balances, and headings.
General journal
General ledger
T-account
Ledger account
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Asset accounts have what type of balance?
Debit
Credit
Contra
All of the above
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