8 Questions |
By Sonamsethi | Last updated: May 19, 2021
| Total Attempts: 13023
Accounting is something that is existent in different companies and is essential to ensure that a business keeps on growing. The quiz below is designed to test your knowledge on some basic accounting principles and issues so as to get the job you are applying for. Give it a shot and get to learn more about it. All the best!
Questions and Answers
Profit is equal to:
Income minus expenses
Receipts minus expenditures
Inflows minus outflows
Revenue minus expenses
Which financial statement will tell you how profitable a company is?
Cash flow statement
All of the above
Under the accrual method of accounting, expenses are recorded:
When they are paid.
When invoices for expense items are received.
When they are incurred
Recognition of Depreciation Expense:
Results in a decrease in Income.
Does not decrease Income because it is not a true cash expense
Is required by the matching principle
Both A and C
In accounting, Debit (Dr) means which side of a ledger account?
True or False: assets are typically recorded on the Balance Sheet at their estimated fair market value.
Debits and Credits are a part of double-entry bookkeeping?
Before attempting this assignment you should have read chapters 1 to 3 of your Osborne Book ”BASIC ACCOUNTING 1 " and attempted the chapter activities in your WORKBOOK.
The pass mark for the assignment...
Questions: 18 | Attempts: 2017 | Last updated: May 2, 2013
Are you ready for a quick account knowledge quiz? For a business to prosper, what they need most is funding which can come through investments, cash or selling their shares. What do you understand about these different types...