
Quiz 2
Authored by Anika Cena
Business
University
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the five major types of accounts?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting equation?
Assets = Liabilities + Equity
Revenue = Expenses
Income = Profit
Liabilities = Equity
Assets = Revenue + Expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a balance sheet?
To show the financial position of a company at a specific point in time
To calculate the net income of a company
To record daily transactions
To analyze market trends
To forecast future expenses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the basic storage account of information in accounting.
Account ledger
Books
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This is income that arises in the course of the ordinary activities of a business.
Revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define the term 'equity' in accounting.
The total assets of a company
The total liabilities of a company
The ownership interest in a company
The revenue generated by a company
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are decreases in assets or increases in liabilities resulting in the decreases in equity, other than those relating to transactions with the business owner.
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