11ACC - what do you know?

11ACC - what do you know?

11th Grade

10 Qs

quiz-placeholder

Similar activities

Self Talk

Self Talk

8th - 12th Grade

10 Qs

Writing SOL Practice

Writing SOL Practice

KG - Professional Development

13 Qs

JOHNSON TURNAROUND

JOHNSON TURNAROUND

1st - 11th Grade

10 Qs

Word List 23-tract=pull

Word List 23-tract=pull

6th Grade - University

10 Qs

FCCLA Quizzes (Info)

FCCLA Quizzes (Info)

9th - 12th Grade

15 Qs

Finish The Tik Tok Lyric

Finish The Tik Tok Lyric

KG - 12th Grade

10 Qs

Foundations of Marketing

Foundations of Marketing

9th - 12th Grade

10 Qs

Connaissez vous réellement les réseaux sociaux ?

Connaissez vous réellement les réseaux sociaux ?

1st Grade - Professional Development

10 Qs

11ACC - what do you know?

11ACC - what do you know?

Assessment

Quiz

Other

11th Grade

Medium

Created by

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

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?