Accounting Basics

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A basic test of your Accounting will be held in this Quiz Comprising of Basic 6 Questions About Accounting. Do take this Quiz in order to groom your skills in Accouning INSHA'ALLAH.

Questions and Answers

1.

Accumulated Depriciation Account is a Contra Asset Account?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
2.

Sales Return is a Contra Revenue Account?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
3.

CPA is the acronym for ____________ ___________ _______________.

Correct Answer
Certified public Accountant
4.

Accounting Provides Information to______________________
- A.
  
  External Users
- B.
  
  Internal Users
- C.
  
  Accountants
Correct Answer(s)
A. External Users
B. Internal Users
5.

What are Primary Financial Statements?
- A.
  
  Statement Of Financial Position
- B.
  
  Statement Of Comprehensive Income
- C.
  
  Statement Of Changes in owners equity
- D.
  
  Statement Of Cash Flow
- E.
  
  Notes to the Accounts
Correct Answer(s)
A. Statement Of Financial Position
B. Statement Of Comprehensive Income
D. Statement Of Cash Flow
6.

Financial Reporting is a______________term than Financial Statements.

Correct Answer(s)
Broader

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Current Version
Feb 05, 2013

Quiz Edited by
ProProfs Editorial Team
Dec 05, 2011

Quiz Created by
Zsinmakkah

Accounting Basics

Accumulated Depriciation Account is a Contra Asset Account?

Sales Return is a Contra Revenue Account?

CPA is the acronym for ____________ ___________ _______________.

Accounting Provides Information to______________________

What are Primary Financial Statements?

Financial Reporting is a______________term than Financial Statements.

CPA is the acronym for ______ _ ___________.