Introduction to Accounting (Chapter 1-4)

Quiz
•
Business
•
University
•
Medium
Hermita Arif
Used 6+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The basic accounting equation is:
Assets = Liabilities + Owner's Equity
Assets = Liabilities - Owner's Equity
Assets + Liabilities = Owner's Equity
Assets = Revenues - Expenses
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following best defines accounting?
A system for managing personal finances
The recording, summarizing, and analysis of financial transactions
The recording of business revenues
The preparation of tax returns
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which financial statement provides information on a company’s profitability over a period of time?
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Owner’s Equity
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A business organized as a separate legal entity under state law and having ownership divided into transferable shares of stock is known as a:
Sole proprietorship
Partnership
Corporation
Limited liability company
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is an example of an asset?
Service Revenue
Accounts Receivable
Dividends
Accounts Payable
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of the general journal is to:
Record all business transactions in chronological order
Provide information about cash inflows and outflows
Summarize the total amount of assets, liabilities, and equity
Reflect the financial position of the company
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the purpose of a trial balance?
To prepare financial statements
To ensure that debits equal credits after posting
To calculate net income
To adjust accounts at the end of the period
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