Accounting Week 1

Solve for x: 2x + 5 = 11

• x = 3

• x = 2

• x = 6

• x = 4

What is the formula for calculating the present value of an investment?

• PV = FV / (1 + r)^n

• PV = FV * (1 + r)^n

• PV = FV / (1 - r)^n

• PV = FV * (1 - r)^n

Expand the expression: (3x + 2)(x - 4)

• 3x^2 + 10x + 8

• 3x^2 - 10x + 8

• 3x^2 + 10x - 8

• 3x^2 - 10x - 8

Define the term 'accounts receivable'

• The money owed to a company by its customers for goods or services provided on credit.

• The money owed to a company by its suppliers

• The company's total assets

• The profit earned by the company

Simplify the expression: 5(2x - 3) - 4(3x + 1)

• -7x - 19

• -2x - 15

• -5x - 7

• -2x - 19

Explain the difference between accrual accounting and cash accounting

• Accrual accounting records expenses when cash is exchanged, while cash accounting records revenues when they are earned.

• Accrual accounting only considers cash transactions, while cash accounting includes non-cash transactions.

• Accrual accounting is used for personal finances, while cash accounting is used for business finances.

• Accrual accounting records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged. Cash accounting records revenues and expenses only when cash is exchanged.

If a = 3 and b = 7, what is the value of 2a + 3b?

• 17

• 30

• 23

• 27

What is the purpose of a balance sheet in accounting?

• To calculate employee salaries

• To track daily sales transactions

• To provide a snapshot of a company's financial position

• To predict future financial performance

Factorize the expression: x^2 + 5x + 6

• (x + 3)(x + 3)

• (x + 4)(x + 2)

• (x + 2)(x + 3)

• (x + 1)(x + 6)

Describe the concept of depreciation in accounting

• Depreciation in accounting is the allocation of the cost of an asset over its useful life.

• Depreciation is recorded as a liability on the balance sheet

• Depreciation is only applicable to intangible assets

• Depreciation is the increase in value of an asset over time