CAMD CCA 3

CAMD CCA 3

University

15 Qs

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CAMD CCA 3

CAMD CCA 3

Assessment

Quiz

Financial Education

University

Practice Problem

Easy

Created by

maruti prasad

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts


Statements prepared to indicate the profit or loss and financial position of the business are called:

  • Bank Reconciliation Statements

Financial Statements

  • Trial Balance

  • All of these

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The account showing the gross profit or gross loss of the business is called:

  • Profit and Loss Account

Trading Account

Trial Balance

Balance sheet

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The financial statement that summarizes the revenues and expenses over a specific period is known as:

  • Statement of Changes in Equity

  • Cash Flow Statement

Income Statement

  • Balance Sheet

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The document that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time is called:

  • Cash Flow Statement

  • Trial Balance

  • Income Statement

Balance Sheet

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts


Closing stock is recorded in the:

Profit and Loss Account


Trading Account and Balance Sheet

Balance Sheet Only

None of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The account that reflects the net income or net loss of a business after all expenses have been deducted is called:

Trial Balance

Balance Sheet

Trading Account

Profit and Loss Account

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Carriage outward is an example of:

Direct Expenses

Indirect Expenses

Indirect Income

Direct Income

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