First Year Accounts Quiz

Froggy Jumps

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Fundamentals of accounting

Créé par

Piyush Shah

India

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First Year Accounts Quiz


Froggy Jumps First Year Accounts QuizVersion en ligne Fundamentals of accounting par Piyush Shah 1 What does double-entry bookkeeping require each transaction to have? a A debit and a credit in equal amounts b Only a credit entry for revenue c Two debits and no credits 2 Which financial statement shows a company’s assets, liabilities, and equity at a date? a Balance sheet b Cash flow statement c Income statement 3 What is an asset? a A resource controlled by the entity b A liability of the entity c An expense incurred in the period 4 What is revenue? a Recovered capital gains b Income from normal business activities c Owner’s equity 5 What is an expense? a A liability repayment b A source of funds c A cost incurred to earn revenue 6 What is depreciation? a Expense recognized when purchased b Immediate cash outflow c Allocating the cost of a fixed asset over its useful life 7 What does a trial balance verify? a That assets exceed liabilities b That profits are positive c That total debits equal total credits 8 What is the journal used for initially? a Recording transactions in chronological order b Preparing financial statements c Posting totals to ledgers 9 What is accrual accounting? a When the tax year ends b Recording revenue and expense when earned or incurred c Only when cash is received or paid 10 What is the difference between an asset and a liability? a Assets increase equity; liabilities decrease equity b Assets are cash only; liabilities are not c Assets = resources; liabilities = obligations

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First Year Accounts Quiz

Froggy Jumps

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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First Year Accounts QuizVersion en ligne

par Piyush Shah

What does double-entry bookkeeping require each transaction to have?

Which financial statement shows a company’s assets, liabilities, and equity at a date?

What is an asset?

What is revenue?

What is an expense?

What is depreciation?

What does a trial balance verify?

What is the journal used for initially?

What is accrual accounting?

What is the difference between an asset and a liability?