Financial Statements (Final Accounts)

Financial Statements (Final Accounts)

11th Grade

6 Qs

quiz-placeholder

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Financial Statements (Final Accounts)

Financial Statements (Final Accounts)

Assessment

Quiz

Other

11th Grade

Easy

Created by

Mohammed Mohim

Used 13+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Sole Proprietorship?

Business owned by president

Business owned by several companies

Business owned by one person

Business owned by a company

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accurately represents the statement of financial position for a sole-trader?

assets = liabilities - capital

capital = assets + liabilities

assets = liabilities + capital

liabilities = capital - assets

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is shown as a liability in a statement of financial position?

bank overdraft

fixtures and fittings

inventory

prepaid rent

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income statements are also known as __________

Statement of financial Position

Profit and loss account

Journal

Double column Cash book

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Balance Sheet is also known as _________

Profit and loss Account

Petty Cash Book

Earnings Account

Statement of Financial Position

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Balance sheet contains which of the following information

Assets

Debtors

Journal

Creditors