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Orgainising the Books

Authored by Kenneth PT

Arts

University

Used 6+ times

Orgainising the Books
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9 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is accounting?

Preparation of Financial Statements

System of recording, summarising of transactions; analysing, veriying and reporting results

An art and a science

Matching debits and credits

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the duality concept?

Transactions have two-fold effect, giving rise to double entry bookkeeping

Asset = Liability + Owners Equity

What goes up must come down

Good things happen in pairs

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is a financial statements that is not covered in this course?

Cash Flow Statement

Balance Sheet

Income Statement

Statement of Changes in Equity

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What of the following is another name for Balance Sheet?

Balancing Sheet

Statement of Financial Position

Statement of Assets and Liabilities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an alternative name for Income Statement?

Revenue and Expenses Statement

Profit and Loss Statement

Statement of Income

Statement of Comprehensive Income

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the central formula for Balance Sheet?

Asset + Liability = Owners Equity

Asset = Liability = Owners Equity

Assets + Owners Equity = Liability

Asset = Liability + Owners Equity

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which is not a section of the income statement?

Revenue

Gains

Expenses

Losses

Provisions

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