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Accounting Transactions Quiz

Authored by pratiksha karambe

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Accounting Transactions Quiz
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a journal in accounting?

To summarize financial statements

To record transactions in chronological order

To calculate taxes owed

To manage payroll

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'debit' refer to in accounting?

A decrease in income

An increase in assets or expenses

An increase in liabilities

A decrease in equity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document is NOT typically considered a source document?

Cash memo

Invoice

Bank statement

Purchase bill

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the accounting process?

Closing the books

Analyzing accounts

Preparing financial statements

Recording transactions

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a liability?

Accounts receivable

Inventory

Accounts payable

Cash

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a trial balance?

To prepare tax returns

To ensure that debits equal credits

To summarize cash flow

To analyze profit margins

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting principle requires expenses to be matched with revenues?

Revenue recognition principle

Matching principle

Cost principle

Conservatism principle

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