
Basic Accounting
Authored by Nagashri Pujari
Business
1st Grade
Used 2+ times

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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1.The revenues and expenses of a company are displayed in which statement?
Balance Sheet
Cash Flow Statement
Income Statement
None of the above
Answer explanation
The income statement displays all the revenues and expenses of a company.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2.The main Purpose of Financial Accounting is?
To Provide financial information to shareholders
To maintain balance sheet
To minimize taxes.
To keep track of liabilities
Answer explanation
The purpose of financial accounting is to provide financial information to shareholders.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3.What are the long-term assets which do not have any physical existence?
3.What are the long-term assets which do not have any physical existence?
Intangible Assets
Tangible Assets
Current Liabilities
Current Assets
Answer explanation
Intangible Assets have no physical existence. For Example, Goodwill, Brand Recognition, Patents etc. are known as Intangible Assets.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Expenses, Profit & Loss of an organisation are recorded in which account?
Current Account
Personal Account
Nominal Account
None of the above
Answer explanation
The nominal account records all the transactions of a business for one fiscal year.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which person owes an amount to a business organisation for buying goods and services on a credit basis?
Creditors
Debtors
Owner
None of the above
Answer explanation
Debtors are the persons who owe an amount to a business organisation for buying goods and services on a credit basis.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
. When are balance sheets prepared?
Quarterly
Yearly
Monthly
None of he above
Answer explanation
Balance Sheets are prepared yearly as it displays the liabilities and assets of a company.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Recording financial transaction is part of?
Accounting
Book Keeping
Data Entry
Journal
Answer explanation
Bookkeeping refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.
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