11ACC - what do you know?
Quiz
•
Other
•
11th Grade
•
Medium

Michelle Lehmann
Used 3+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the Statement of Cash Flow?
To show the financial position at a specific date
To report revenues and expenses over a period
To provide information about cash receipts and payments
To summarize changes in equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental principle of double-entry accounting?
For every debit entry, there must be an equal credit entry
Keeping two sets of books
Having two accountants for every business
Balancing the books twice a year
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which describes is the primary purpose of accounting?
To make profits
To provide financial information
To sell products
To manage human resources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement shows the profit made at the end of a specified period?
Statement of Profit or Loss
Statement of Financial Position
Cash Flow Statement
Statement of Changes in Equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which most represents the definition of a liability?
An obligation or debt
A resource that provides future economic benefits
Ownership interest of shareholders
Revenue earned by a business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main function of the Statement of Profit or Loss?
To show the financial position of a business
To provide information about cash flows
To report revenues and expenses over a period
To list assets and liabilities
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement reflects the financial position of a business at a specific point in time?
Statement of Profit or Loss
Statement of Financial Position
Cash Flow Statement
Statement of Changes in Equity
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