Accounting Cycle and users
Authored by Tertia Coffee
Business
9th Grade
Used 6+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a source document in accounting?
To record how we feel
To provide proof of a business transaction
To calculate profit and loss
To summarize financial statements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a source document in accounting?
To record how we feel
To provide proof of a business transaction
To calculate profit and loss
To summarize financial statements
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the function of a general ledger in accounting?
To record daily events
To calculate the % profit of the business
To post transactions from subsidiary journals
To determine job security for employees
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating profit in the income statement?
Profit = Expenses - Income
Profit = Income - Expenses
Profit = Income * Expenses
Profit = Income + Expenses
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who uses financial information to determine if a business is making a profit or loss?
Creditors
Financial institutions
Employees
Owner of the business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the South African Revenue Service (SARS) in relation to financial statements?
To provide proof of business transactions
To compare financial results with other businesses
To ensure income tax is levied correctly
To determine job security for employees
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do creditors determine from financial statements?
If the business has enough money to settle current liabilities
If the business will be a good investment
If the business is profitable for job security
If the business has enough assets to meet current liabilities
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