Accounting Quiz

Accounting Quiz

Professional Development

14 Qs

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Accounting Quiz

Accounting Quiz

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Match the term with the correct description: Accounting Cycle

A document that serves as evidence of a business transaction, such as an invoice or receipt.

A series of steps followed by businesses to ensure financial accuracy and reporting, from recording transactions to preparing financial statements.

A type of business organization owned and operated by a single individual.

A business entity that is separate from its owners, with shareholders and a more complex structure.

A book of original entry used to record all financial transactions in chronological order.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Match the term with the correct description: Sole Trader

A document that serves as evidence of a business transaction, such as an invoice or receipt.

A series of steps followed by businesses to ensure financial accuracy and reporting, from recording transactions to preparing financial statements.

A type of business organization owned and operated by a single individual.

A business entity that is separate from its owners, with shareholders and a more complex structure.

A book of original entry used to record all financial transactions in chronological order.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Match the term with the correct description: General Journal

A document that serves as evidence of a business transaction, such as an invoice or receipt.

A series of steps followed by businesses to ensure financial accuracy and reporting, from recording transactions to preparing financial statements.

A type of business organization owned and operated by a single individual.

A business entity that is separate from its owners, with shareholders and a more complex structure.

A book of original entry used to record all financial transactions in chronological order.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Match the term with the correct description: Source Document

A document that serves as evidence of a business transaction, such as an invoice or receipt.

A series of steps followed by businesses to ensure financial accuracy and reporting, from recording transactions to preparing financial statements.

A type of business organization owned and operated by a single individual.

A business entity that is separate from its owners, with shareholders and a more complex structure.

A book of original entry used to record all financial transactions in chronological order.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a purpose of accounting?

To track a company’s financial performance

To help make business decisions

To determine employee salaries

To ensure legal compliance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business organization offers limited liability protection to its owners?

Sole Proprietorship

Partnership

Corporation

Cooperative

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a source document in accounting?

Balance Sheet

Income Statement

Invoice

Cash Flow Statement

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