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WorksheetsINTRODUCTION TO ACCOUNTING
Total questions: 10
Worksheet time: 5mins
The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as:
Financial Accounting
Managerial Accounting
Tax Accounting
Forensic Accounting
Which one of the following is not an external user of accounting information?
Investor
Creditor
Manager
Customer
Which of the following is correct?
Owner’s Equity = Liabilities + Assets
Liabilities = Assets + Owner’s Equity
Assets = Liabilities + Owner’s Equity
Assets = Owner’s Equity
Who is known as the father of accounting?
Leonardo da Vinci
Fra Luca Pacioli
Al Khawarizmy
Al Mazendarany
Which of the following is correct about double entry system of accounting?
Every business transaction brings at least two financial changes in business.
Financial changes are recorded as debits or credits in two or more accounts.
Every debit entry has a corresponding credit entry.
All of the above
A list of account names used in general ledger of an organization is known as:
Balance Sheet
Income Statement
Account List
Chart of Accounts
Which one of the following is not a nominal account?
purchases account
sales account
salaries account
cash account
Which one of the following is valuation (or contra) account?
Accounts receivable
Gain on sale of fixed asset account
Accumulated depreciation account
Copyright account
Which of the following normally have a debit balance?
Liability accounts
Equity or capital accounts
Income or revenue accounts
Asset accounts
According to modern approach, the accounts are classified as:
personal accounts, nominal accounts, real accounts and valuation accounts
personal accounts, nominal accounts, revenue accounts, and expense accounts
asset accounts, liability accounts, sales accounts, profit accounts
asset accounts, liability accounts, capital accounts, withdrawal accounts, revenue accounts and expense account
