WorksheetsAccounting
Total questions: 10
Worksheet time: 5mins
Which of the following is a real account?
Cash A/c
Capital A/c
Salary A/c
Rent A/c
Rule of nominal account is:
Trial Balance is prepared to:
Find out net profit
Check arithmetical accuracy of accounts
Prepare balance sheet
Find out errors
Which of the following is not a branch of accounting?
Financial Accounting
Cost Accounting
Management Accounting
Social Accounting
What is the primary purpose of a balance sheet?
To calculate net income
To show the financial position of a company at a specific point in time
To record daily transactions
To summarize revenues and expenses over a period
Which of the following accounts is classified as a personal account?
Inventory
Accounts Payable
Cash
Accounts Receivable
What does the term 'depreciation' refer to in accounting?
Recording of cash transactions
Reduction of liabilities
Increase in asset value
Allocation of the cost of a tangible asset over its useful life
What is the accounting equation?
Liabilities = Assets + Equity
Assets = Revenue - Expenses
Equity = Assets - Liabilities
Assets = Liabilities + Equity
Which financial statement summarizes a company's revenues and expenses over a period?
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
What is the purpose of an audit in accounting?
To calculate taxes owed
To verify the accuracy of financial records
To manage cash flow
To prepare financial statements
