Accounting Essentials Quiz

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Intro to accounting basics

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Yanci Estela Sol de Hernandez

El Salvador

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Froggy Jumps Accounting Essentials QuizVersión en línea Intro to accounting basics por Yanci Estela Sol de Hernandez 1 What is accounting? a The process of recording, classifying, summarizing, and interpreting financial information. b A tool for budgeting personal groceries c A method for auditing tax returns only 2 Which statements are part of financial reporting? a Bank statements and payroll reports b Balance sheet, income statement, and cash flow statement c Marketing plans and project briefs 3 Assets are items a company a owns that have future economic value b owes to others c will be sold at cost 4 Liabilities represent a owner’s equity b obligations the company must settle in the future c revenue earned in the period 5 Owner's equity equals a liabilities plus assets b assets minus liabilities c revenues minus expenses 6 double-entry accounting requires each transaction to a be recorded only at year-end b have at least one debit and one credit c affect only income statements 7 Revenue is a a cash withdrawal by the owner b an increase in equity from the company’s core operations c an expense paid in cash 8 Expenses a revenues received after tax b assets owned by the business c costs incurred to earn revenue 9 GAAP stands for a Generally Accepted Accounting Principles b General Agreement on Auditing Processes c Global Accounting Average Practices 10 The primary purpose of accounting is to a maximize taxes b provide financial information for decision making c prepare only annual reports

Froggy Jumps

Accounting Essentials QuizVersión en línea

Intro to accounting basics

por Yanci Estela Sol de Hernandez

What is accounting?

The process of recording, classifying, summarizing, and interpreting financial information.

A tool for budgeting personal groceries

A method for auditing tax returns only

Which statements are part of financial reporting?

Bank statements and payroll reports

Balance sheet, income statement, and cash flow statement

Marketing plans and project briefs

Assets are items a company

owns that have future economic value

owes to others

will be sold at cost

Liabilities represent

owner’s equity

obligations the company must settle in the future

revenue earned in the period

Owner's equity equals

liabilities plus assets

assets minus liabilities

revenues minus expenses

double-entry accounting requires each transaction to

be recorded only at year-end

have at least one debit and one credit

affect only income statements

Revenue is

a cash withdrawal by the owner

an increase in equity from the company’s core operations

an expense paid in cash

Expenses

revenues received after tax

assets owned by the business

costs incurred to earn revenue

GAAP stands for

Generally Accepted Accounting Principles

General Agreement on Auditing Processes

Global Accounting Average Practices

The primary purpose of accounting is to

maximize taxes

provide financial information for decision making

prepare only annual reports

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Accounting Essentials Quiz

Froggy Jumps

Sobre esta actividad

Creada por

Descarga la versión para jugar en papel

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Froggy Jumps

Accounting Essentials QuizVersión en línea

por Yanci Estela Sol de Hernandez

What is accounting?

Which statements are part of financial reporting?

Assets are items a company

Liabilities represent

Owner's equity equals

double-entry accounting requires each transaction to

Revenue is

Expenses

GAAP stands for

The primary purpose of accounting is to

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