Basic Accounting
Authored by Arjay Olivar
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University
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7 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of a cash flow statement?
To summarize the financial position of a business
To show the inflow and outflow of cash in a business
To calculate the profit or loss of a business
To record all financial transactions in a business
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of a bank reconciliation?
To summarize the financial position of a business
To record all financial transactions in a business
To compare the bank statement with the company's records
To calculate the net income of a business
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of a journal entry?
To compare the bank statement with the company's records
To summarize the financial position of a business
To calculate the net income of a business
To record a single financial transaction
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of a profit and loss statement?
To summarize the financial position of a business
To calculate the profit or loss of a business
To show the inflow and outflow of cash in a business
To record all financial transactions in a business
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of a ledger?
To summarize the financial position of a business
To show the inflow and outflow of cash in a business
To record all financial transactions in a business
To calculate the profit or loss of a business
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of a trial balance?
To summarize the financial position of a business
To calculate the net income of a business
To ensure that debits equal credits in the general ledger
To show the inflow and outflow of cash in a business
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a balance sheet?
To calculate the profit or loss of a business
To record all financial transactions in a business
To show the inflow and outflow of cash in a business
To summarize the financial position of a business
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