Accounting and Journalizing Quiz

Quiz
•
Other
•
10th Grade
•
Easy
KELLI HAWKINS
Used 5+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of accounting?
The definition of accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.
The definition of accounting is the process of manufacturing products in a business.
The definition of accounting is the process of marketing and promoting a business.
The definition of accounting is the process of managing human resources in a business.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of journalizing information?
To analyze market trends
To create a backup of data
To record and organize financial transactions
To communicate with stakeholders
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are assets in accounting?
Expenses incurred by a company that have economic value.
Resources owned or controlled by a company that have economic value and can be used to generate future benefits.
Liabilities of a company that have economic value.
Equity of a company that have economic value.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are liabilities in accounting?
Liabilities are the financial obligations or debts that a company owes to external parties.
Liabilities are the profits earned by a company.
Liabilities are the financial assets that a company owns.
Liabilities are the expenses incurred by a company.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between income and expenses?
Income is the money spent or paid out, while expenses are the money earned or received.
Income is the money earned or received, while expenses are the money spent or paid out.
Income and expenses are the same thing.
Income is the money earned from investments, while expenses are the money spent on necessities.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the meaning of debits in accounting?
Entries made on the top side of a ledger account.
Entries made on the left side of a ledger account
Entries made on both sides of a ledger account.
Entries made on the right side of a ledger account.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the meaning of credits in accounting?
Credits in accounting represent increases in liabilities, equity, and revenue, or decreases in assets and expenses.
Credits in accounting represent increases in assets and expenses, or decreases in liabilities, equity, and revenue.
Credits in accounting represent decreases in liabilities, equity, and revenue, or increases in assets and expenses.
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