Financial Accounting Quiz
Authored by Olawoye Mayowa
Others
12th Grade
Used 3+ times
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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a ledger?
To record the business transactions
To provide a summary of assets and liabilities
To store petty cash receipts
To facilitate the preparation of balance sheets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is an example of a current asset?
Land
Equipment
Inventory
Goodwill
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the double-entry principle?
Recording expenses in two accounts
Every debit entry has a corresponding credit entry
Recording profits and losses in two entries
Recording all liabilities as debits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account is debited when cash is withdrawn from the bank?
Cash
Bank
Owner's equity
Capital
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Depreciation is applied to:
Current liabilities
Fixed assets
Revenue accounts
Capital accounts
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The primary purpose of a trial balance is to:
Check the arithmetical accuracy of ledger entries
Record all business transactions
Measure profitability
Monitor cash flows
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which document authorizes payments for goods received?
Receipt
Invoice
Cheque
Voucher
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