QUIZ 1

The basic accounting equation for obtaining total assets is

• Liability + owner's equity

• Current liability + non-current liability

The financial statement that reports the revenue and expenses are

• Balance sheet statement

• Income statement

• Statement of cash slows

The financial statement that reports the assets, liabilities, and equity are

• Balance sheet statement

• Income statement

• Statement of cash flows

Which term is associated with "left" or "left side"?

• Debit

• Credit

The accounts shown in the chart of accounts can be classified into two categories: balance sheet accounts and

• Income statement account

• General ledger

• Statement of cash flows

What is the definition of bookkeeping?

• A process of classifying, recording and summarizing business

• A provide files tax return

• A process of classifying, recording and summarizing business transactions in monetary units and interpreting the financial data of a business in order to assist stakeholders in making decisions.

What is the first steps in the accounting process?

• Analysing and interpreting

• Summarizing

• Recording

• Classifying

Which one example of types of internal user is true?

• Shareholder

• Government authority

• Internal auditor

• Potential buyer

What is the first steps in the accounting cycle?

• Ledgers

• Adjustments

• Financial statements

• Source documents

What is the most appropriate source of documentation for a credit sales transaction?

• Memos

• Invoice issued

• Credit note issued

• Invoice received