Accounting Quiz

Which of the following is considered an asset?

• Income

• Expenditure

• Building

• Tax accounting

What does tax accounting involve?

• Keeping financial records

• Calculating how much tax should be paid

• Preparing financial statements

• Recording transactions

Which term refers to checking and evaluating financial records?

• Assets

• Liabilities

• Auditing

• Expenditure

What is the process of recording transactions in ledgers called?

• Bookkeeping

• Management accounting

• Financial accounting

• Auditing

Which of the following is money that a company has to pay?

• Income

• Assets

• Expenditure

• Liabilities

The money that a company receives from supplying goods or services is known as?

• Expenditure

• Assets

• Income

• Liabilities

What does management accounting focus on?

• Recording sales and purchases

• Preparing financial statements

• Using accounting data for planning and control

• Checking financial records

Who is responsible for verifying that a company's financial statements are true and fair?

• Bookkeepers

• External auditors

• Management accountants

• Internal auditors

Which statement shows a company's profit and loss?

• Balance sheet

• Income statement

• Cash flow statement

• Auditing report

What does a balance sheet display?

• Profit and loss

• A company's assets and liabilities

• Cash flow

• Income reconciliation