WorksheetsBasics of Financial Accounting
Total questions: 5
Worksheet time: 50secs
Name
Class
Date
1.
Accounting furnishes data on
a)
A) Income and cost for the managers
b)
B) Financial conditions of the institutions
c)
C) Company’s tax liability for a particular year
d)
D) All the above
2.
The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
a)
A) Current assets
b)
B) Fixed assets
c)
C) Intangible assets
d)
D) Investments
3.
The debts which are to be repaid within a short period (a year or less) are referred to as,
a)
A) Current Liabilities
b)
B) Fixed liabilities
c)
C) Contingent liabilities
d)
D) All the above
4.
Is the Proforma / Format of Journal Entry is correct ?
a)
Yes
b)
No
5.
An act of exchange of things or services between the two parties is termed as:
a)
Ledger
b)
Transfer
c)
Transactions
d)
Business
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