Accountancy 101 Quiz

Froggy Jumps

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Test your basic accounting knowledge!

John Bryan Pit Acaso

Philippines

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Accountancy 101 Quiz


Froggy Jumps Accountancy 101 QuizVersion en ligne Test your basic accounting knowledge! par 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