WorksheetsIntroduction to Accounting Quiz
Total questions: 10
Worksheet time: 5mins
Which one of these is the correct accounting process?
Journal – Ledger – Trial Balance – Financial Statements
Financial Statements – Trial Balance – Ledger - Journal
Journal – Ledger – Financial Statements – Trial Balance
Journal – Trial Balance – Ledger – Financial Statements
Which one of these Financial Statements components that shows the performance of a business?
Statement of Financial Position
Statement of Profit or Loss
Statement of Changes in Equity
Statement of Cash Flows
_____________ implies that a business is a separate unit from the owner of the business.
Money Measurement concept
Accrual concept
Economic Entity concept
Going Concern concept
Which of these is the characteristic of a sole proprietorship?
More than one owner
Difficult to setup
Limited liabilities
Unlimited liabilities
Which of these is not an example of an external user of accounting information?
An owner
A creditor
A government agency
A potential investor
Accounting is responsible in preparing Financial Statements while bookkeeping is not.
False
True
Financial Statements are prepared before preparing the Trial Balance.
True
False
Managers are one of the internal users of accounting information.
True
False
One of the characteristics of a company is unlimited liabilities.
False
True
A business entity concept combines the business assets with the owner’s personal assets.
True
False
