What is the purpose of preparing financial statements?

TOPIC 6 AND TOPIC 7 FINANCIAL STATEMENT WITH YEAR END ADJUSTMENT

Quiz
•
Social Studies
•
1st - 2nd Grade
•
Hard
NORLELA SARANI
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As accounting analysis used to identify the trends and relationship between items.
To evaluate the performace of an organization.
To record information regarding the business activities from the source documents.
To check daily cash and banking transactions.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the followings is NOT the main components of financial statements.
Trading Account
Profit and Loss Account
Balance Sheet
Statement of Accounting Informations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods being returned to the supplier by the business. This situation can be described as..........
Return outwards
Return inwards
Carriage outwards
Carriage inwards
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the followings is NOT purchase cost?
Carriage inwards
Insurance on purchase
Transportation out
Packaging
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debenture is under categories of ..............
Current Liabilities
Non-Current Liabilities
Current Assets
Owner's Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A statement of financial position is prepared to determine the business' financial position at the end of an accounting period. Which of the following is NOT included in the statement of financial position.
Purchase
Current Liabilites
Intangible Assets
Tangible Assets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the followings is TRUE explaning about the cash basis.
Revenue should be recorded in the accounting period when cash for it received.
Revenue should be recorded in the accounting period in which it is earned.
Revenue should not recorded in the cash account.
Revenue should be recorded in the accounting period when the cash for it is paid.
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