Accounting quizz

Which of the following is not a core financial Statement?

• The Income Statement

• Statement of cash flows

• The trail balance

• The balance sheet

The income of statement, which presents the result of operations can be prepared in many forms including:

• Single step income statement

• Condensed income statement

• Common income statement

• All of the above

Which of the following account types increase by debits in double entry accounting?

• Assets, expenses, loses

• Assets, revenue, gains

• Expenses, liabilities, losses

• Gains,expenses, liabilities

How are company's financial statements used?

• For internal analysis

• For external negotiation

• For compliance

• All of the above

Which of the following scenario increase accounts payable?

• A customer fails to pay an Invoice

• A supplier delivers raw materials on credit

• Office supplier ar purchased with cash

• None of the above

When are liabilities recorded under the accrual basis in accounting?

• When incurred

• When paid

• At the end of the fiscal year

• When bank accounts are reconciled

In journal entry a debit decrease which of the following?

• Cash

• Accounts payable

• Supplies expenses

• Both a and c

Which is not a current asset?

• Cash

• Product inventory

• Liquid asset

• Property

The listing of all financial accounts within a company's general ledger I called ___________

What is the minimum number of accounts that accounting entries can have?

• 1

• 4

• 5

• 2