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4.01 Accounting Quiz

Authored by Tiara Vaughter

Business

9th Grade

Used 2+ times

4.01 Accounting Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of accounting in a business?

To make sales decisions

To design marketing strategies

To keep financial records

To hire employees

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an asset?

Inventory

Loan from a bank

Cash

Equipment

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In accounting, what term is used to describe the money owed by a business to others?

Assets

Revenue

Liabilities

Owner’s equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scenario: A business has just completed its accounting cycle. What is the next step they should take?

Start a new marketing campaign

Prepare financial statements

Hire more staff

Purchase more inventory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement best describes the importance of accounting to businesses?

It helps in creating advertisements

It enables them to maintain control of their money

It assists in product design

It aids in employee recruitment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a cash flow statement primarily show?

The company’s profitability

The movement of cash in and out of the business

The company’s assets and liabilities

The company’s sales figures

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scenario: A company’s accountant is analyzing financial transactions. What is the next step in the accounting cycle?

Journalize transactions

Post to ledgers

Balance the books

Close the books

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