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.
Create a free account and access millions of resources
Similar Resources on Wayground
14 questions
F. Accounting

Quiz
•
1st - 3rd Grade
14 questions
QUIZ CHAPTER 2.1 UBM599 DW

Quiz
•
1st Grade
14 questions
Finance review

Quiz
•
1st - 2nd Grade
10 questions
Earth Day

Quiz
•
KG - 2nd Grade
12 questions
Economics Quiz

Quiz
•
2nd Grade
10 questions
BUSINESS MODEL CANVAS

Quiz
•
1st Grade
15 questions
Corporate Finance - Assessment Tests - Risk and Refinements

Quiz
•
2nd - 3rd Grade
10 questions
Quiz 2 Islamic Investment

Quiz
•
1st - 4th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade