ACCOUNTING 12D QUIZ

what is the definition of accounting?

• knowledge

  concerned with

  production,

  consumption. and

  transfer of wealth.

• the process of

  recording financial

  transactions

  pertaining to a

  business.

• falsification. etc. of

  an account or

  accounting record or

  document

• the state of a country

  or region in terms of

  the production and

  consumption

what are bad debts?

• the money spent and

  the costs incurred by

  a companv in

  pursuing revenue.

• A loan that is

  recovered and

  collected

• loan owned that can

  no longer be

  recoverable and must

  be written off

• the assets and cash in

  a business.

what is an income statement?

• a financial statment

  that record profit and

  loss of the business

• a financial

  statementthat

  records the financial

  balances of the

  business

• A loan that is

  recovered and

  collected

• a customer that paid

  on credit

which of the following is from the

accounting concepts?

• bad debts

• accrual

• provision

• t accounts

The revenues and expenses of a

company are displaved in which

statement?

• balance sheet

• cash flow concept

• income statement

• noon of the above

What is depreciation?

• value of an asset

  decreases over time

  due to use, wear and

  tear,etc.

• cost incurred in or

  required for

  something.

• the value of the asset

  increases as it is used

  more

• non of the above

Net profit is gross profit minus

operating expenses and taxes true or

false

• true

• false

What are fraud stories?

• Taking advantage of

  a potentiallv loose

  credit policy

• loans or outstanding

  balances owed that

  are no longer deemed

  recoverable

• none of these answers

written records that convey the

business activities and the financial

performance of a company?

• income statement

• financial statement

The only users of financial

information are the owners of a

business.

• true

• false