What is a Sole Proprietorship?
Financial Statements (Final Accounts)

Quiz
•
Other
•
11th Grade
•
Easy

Mohammed Mohim
Used 13+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
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