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WorksheetsQUIZ 1
Total questions: 10
Worksheet time: 14mins
The basic accounting equation for obtaining total assets is
Liability + owner's equity
Current liability + non-current liability
The financial statement that reports the revenue and expenses are
Balance sheet statement
Income statement
Statement of cash slows
The financial statement that reports the assets, liabilities, and equity are
Balance sheet statement
Income statement
Statement of cash flows
Which term is associated with "left" or "left side"?
Debit
Credit
The accounts shown in the chart of accounts can be classified into two categories: balance sheet accounts and
Income statement account
General ledger
Statement of cash flows
What is the definition of bookkeeping?
A process of classifying, recording and summarizing business
A provide files tax return
A process of classifying, recording and summarizing business transactions in monetary units and interpreting the financial data of a business in order to assist stakeholders in making decisions.
What is the first steps in the accounting process?
Analysing and interpreting
Summarizing
Recording
Classifying
Which one example of types of internal user is true?
Shareholder
Government authority
Internal auditor
Potential buyer
What is the first steps in the accounting cycle?
Ledgers
Adjustments
Financial statements
Source documents
What is the most appropriate source of documentation for a credit sales transaction?
Memos
Invoice issued
Credit note issued
Invoice received
