DEMO QUIZ

Accounting equation is formed on the basis of.........

• Matching Concept

• Duel Aspect Concept

• Entity Concept

• Money Measurement Concept

Current financial year is

• 2023-24

• 2024

• 2024-25

• 2025

Amount due to different parties at the end of an accounting year is known as

• Sundry Debtors

• Sundry Creditors

• Outstanding

• Accrud

What is the primary purpose of a balance sheet?

• To show the profitability of a company

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

• To summarize cash flows

• To record daily transactions

Which of the following is not a current Liability

• Bank Over Draft

• Outstanding Rent

• Prepaid Commission

• Sundry Creditors