What is the primary purpose of accounting?

Basic Accounting

Quiz
•
Mathematics
•
University
•
Hard
Baby Rafol
Used 1+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
To prepare tax returns
To record financial transactions and provide financial information
To track inventory levels
To determine employee salaries
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is an asset?
Accounts Payable
Revenue
Accounts Receivable
Owner’s Equity
3.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
The accounting equation is:
Assets = Liabilities + Equity
Assets = Liabilities - Equity
Liabilities = Assets + Equity
Equity = Assets + Liabilities
4.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
Which financial statement shows a company’s financial position at a specific point in time?
Income Statement
Statement of Cash Flows
Balance Sheet
Statement of Retained Earnings
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is another name for the Profit and Loss Statement?
Cash Flow Statement
Income Statement
Retained Earnings Statement
Balance Sheet
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is considered a liability?
Cash
Equipment
Retained Earnings
Accounts Payable
7.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
A company’s net income is calculated as:
Revenue - Expenses
Assets - Liabilities
Total Equity - Liabilities
Revenue + Liabilities
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