
Fundamentals of Basic Accounting
Authored by PGT CS
Financial Education
11th Grade
Used 1+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the basic accounting principles?
Liquidity, Solvency, Profitability
Revenue Recognition, Matching, Cost, Full Disclosure, Going Concern
Asset Valuation, Depreciation, Amortization
Tax Compliance, Financial Ratios, Budgeting
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of the double entry system.
The double entry system is an accounting method where every transaction is recorded in at least two accounts, ensuring that debits equal credits.
The double entry system records transactions in a single account only.
In the double entry system, only cash transactions are recorded.
The double entry system requires that all accounts have a zero balance.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the main components of financial statements?
Balance sheet, income statement, cash flow statement
Sales report, budget report, investment analysis
Revenue report, expense report, financial forecast
Profit and loss statement, equity statement, tax return
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you prepare a trial balance?
Ignore account titles and balances
Only sum the debits
Record only the credit totals
List account titles, record balances, sum debits and credits, ensure totals match.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of journal entries in accounting?
The purpose of journal entries in accounting is to systematically record financial transactions.
To summarize financial performance at the end of the year.
To prepare tax returns for businesses.
To create financial statements for external stakeholders.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define ledger accounts and their significance.
Ledger accounts are irrelevant for financial audits.
Ledger accounts are essential for organizing financial information, facilitating audits, and preparing financial statements.
Ledger accounts are only used for tax purposes.
Ledger accounts are primarily for personal budgeting.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting equation?
Assets + Liabilities = Equity
Assets - Liabilities = Equity
Equity = Assets - Liabilities
Assets = Liabilities + Equity
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
10 questions
Accounting
Quiz
•
9th - 12th Grade
20 questions
Accounting for GST Quiz 1
Quiz
•
11th Grade
15 questions
JPA Basics Of Accounts
Quiz
•
11th Grade
15 questions
Health and Life Insurance Quiz
Quiz
•
9th Grade - University
10 questions
The Debt Spiral
Quiz
•
9th - 12th Grade
10 questions
Understanding Different Types of Income
Quiz
•
9th - 12th Grade
14 questions
1.2 and 1.3 Personal Financial literacy
Quiz
•
9th - 12th Grade
15 questions
Financing Large Expenditures
Quiz
•
11th Grade - University
Popular Resources on Wayground
7 questions
History of Valentine's Day
Interactive video
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
15 questions
Valentine's Day Trivia
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
Discover more resources for Financial Education
18 questions
Valentines Day Trivia
Quiz
•
3rd Grade - University
20 questions
-AR -ER -IR present tense
Quiz
•
10th - 12th Grade
21 questions
Presidents Day Trivia
Quiz
•
6th - 12th Grade
10 questions
Valentine's Day: History and Modern Celebration
Interactive video
•
9th - 12th Grade
11 questions
Valentine's Day Trivia
Quiz
•
8th - 12th Grade
10 questions
Factor Quadratic Expressions with Various Coefficients
Quiz
•
9th - 12th Grade
10 questions
Evaluating Piecewise Functions Practice
Quiz
•
11th Grade
18 questions
Success Strategies
Quiz
•
9th - 12th Grade