
Fundamentals of Accounting

Quiz
•
Financial Education
•
11th Grade
•
Easy
rishabh chhibber
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is double-entry accounting?
A system where debits and credits are not balanced
A process that involves recording transactions in multiple accounts but not ensuring balance
A method of recording transactions using only one account
A system where every transaction is recorded in at least two accounts to ensure debits and credits are balanced.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is primary financial documents used for checking liquidity?
Statement of Cash Flows
Statement of Equity
Balance Sheet
Profit and Loss Statement
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Explain the accounting principle of conservatism.
The accounting principle of conservatism emphasizes recognizing losses and liabilities as soon as they are probable, but only recognizing gains and assets when they are certain.
The accounting principle of conservatism does not consider the certainty of gains and assets, only focusing on recognizing losses and liabilities.
The accounting principle of conservatism suggests recognizing gains and losses at the same time, regardless of certainty.
The accounting principle of conservatism encourages recognizing gains and assets as soon as they are probable, but only recognizing losses and liabilities when they are certain.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of a balance sheet?
To analyze market trends
To predict future financial performance
To track revenue and expenses
To provide a snapshot of a company's financial position
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
which of these will get first priority for debt repayment in case of dissolution of a business?
Equity shares
preference shares
secured liability
unsecured liability
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How does the double-entry accounting system ensure accuracy in financial records?
By ignoring certain transactions
By using a single account for all transactions
By only recording transactions as debits
By recording every transaction in at least two accounts, one as a debit and the other as a credit.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the formula for calculating the balance sheet equation?
Assets + Liabilities = Equity
Assets - Liabilities = Equity
Assets = Liabilities + Equity
Assets = Liabilities - Equity
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