
Mastering Accounting Concepts
Quiz
•
English
•
University
•
Practice Problem
•
Hard
MUHAMMAD AQIL
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting equation?
Assets - Liabilities = Equity
Assets = Liabilities + Equity
Equity = Assets - Liabilities
Assets + Liabilities = Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define assets and provide examples.
Cash flow statements
Income statements
Balance sheets
Examples of assets include cash, real estate, vehicles, stocks, bonds, and intellectual property.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a balance sheet?
To summarize a company's marketing strategy.
The purpose of a balance sheet is to show a company's financial position at a specific point in time.
To forecast future sales and revenue.
To calculate a company's tax obligations.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the difference between accounts payable and accounts receivable.
Accounts receivable refers to expenses incurred by a company.
Accounts payable is money owed by a company, while accounts receivable is money owed to a company.
Accounts payable is a type of revenue for a company.
Accounts payable and accounts receivable are the same thing.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is double-entry bookkeeping?
A method of accounting that only records income and expenses.
An approach that eliminates the need for financial records altogether.
A system where transactions are recorded in a single account.
A method of accounting where each transaction is recorded in two accounts, maintaining balance in the financial records.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Describe the role of a trial balance.
To prepare the final accounts for the year.
The role of a trial balance is to verify the equality of debits and credits in the accounting records.
To calculate the net profit or loss for a specific period.
To summarize the financial position of a company.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the main financial statements?
Profit and Loss Statement
Equity Statement
Revenue Report
Income Statement, Balance Sheet, Cash Flow Statement
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