Accountancy 101 Quiz

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Test your basic accounting knowledge!

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John Bryan Pit Acaso

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Froggy Jumps Accountancy 101 QuizVersión en línea Test your basic accounting knowledge! por John Bryan Pit Acaso 1 What is the primary purpose of accounting? a To record and summarize financial transactions b To design marketing strategies c To manage employee schedules 2 Which financial statement shows a company's assets, liabilities, and equity? a Balance Sheet b Cash Flow Statement c Income Statement 3 What does 'debit' mean in accounting? a An entry on the left side of an account b An entry on the right side of an account c A type of financial report 4 Which accounting equation is fundamental? a Liabilities = Assets - Equity b Assets = Revenue - Expenses c Assets = Liabilities + Equity 5 What is the term for money earned from sales? a Expenses b Revenue c Liabilities 6 Which document records a company's income and expenses? a Cash Flow Statement b Income Statement c Balance Sheet 7 What is 'accounts payable'? a Cash in bank b Money owed to customers c Money a company owes to suppliers 8 What does 'assets' refer to? a Liabilities owed by a company b Resources owned by a company c Expenses paid 9 Which accounting method records transactions when they occur? a Cash basis b Modified basis c Accrual basis 10 What is the purpose of a trial balance? a To prepare tax returns b To calculate profit c To check that debits equal credits

Froggy Jumps

Accountancy 101 QuizVersión en línea

Test your basic accounting knowledge!

por John Bryan Pit Acaso

What is the primary purpose of accounting?

To record and summarize financial transactions

To design marketing strategies

To manage employee schedules

Which financial statement shows a company's assets, liabilities, and equity?

Balance Sheet

Cash Flow Statement

Income Statement

What does 'debit' mean in accounting?

An entry on the left side of an account

An entry on the right side of an account

A type of financial report

Which accounting equation is fundamental?

Liabilities = Assets - Equity

Assets = Revenue - Expenses

Assets = Liabilities + Equity

What is the term for money earned from sales?

Expenses

Revenue

Liabilities

Which document records a company's income and expenses?

Cash Flow Statement

Income Statement

Balance Sheet

What is 'accounts payable'?

Cash in bank

Money owed to customers

Money a company owes to suppliers

What does 'assets' refer to?

Liabilities owed by a company

Resources owned by a company

Expenses paid

Which accounting method records transactions when they occur?

Cash basis

Modified basis

Accrual basis

What is the purpose of a trial balance?

To prepare tax returns

To calculate profit

To check that debits equal credits

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Accountancy 101 Quiz

Froggy Jumps

Sobre esta actividad

Creada por

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Froggy Jumps

Accountancy 101 QuizVersión en línea

por John Bryan Pit Acaso

What is the primary purpose of accounting?

Which financial statement shows a company's assets, liabilities, and equity?

What does 'debit' mean in accounting?

Which accounting equation is fundamental?

What is the term for money earned from sales?

Which document records a company's income and expenses?

What is 'accounts payable'?

What does 'assets' refer to?

Which accounting method records transactions when they occur?

What is the purpose of a trial balance?

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