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GROUP 5 ENTREP QUIZ

Create an illustration of a classroom setting with a teacher explaining accounting principles to students on a whiteboard, featuring books, a calculator, and charts to represent business transactions and financial statements.

Accounting Basics Quiz

Test your knowledge on accounting fundamentals with our engaging quiz! This quiz covers essential topics in bookkeeping, financial statements, and business documentation to help you reinforce your understanding of accounting principles.

Key Features:

10 multiple choice questions
Instant scoring
Perfect for beginners and professionals alike

10 Questions2 MinutesCreated by CalculatingTree479

The 2 books of accounts are the Journal and Ledger

False

True

It refers to recording of business transactions in the books of business

Bookkeeping

Documentation

Drawing

Abbreviation of the account title is not allowed

True

False

What is debit?

Value received

Value parted with

Expenses

Journal is the book of original entry

False

True

Check is an internal business document that authorizes the incurrence or payment obligation

True

False

It is an official business document issued by the buyer to the seller of goods

Invoice

Purchase order

Voucher

It describes unsold goods that are intended for sale

Furniture

Liability

Inventory

The income statement is a structured financial statement that presents the income expenses and net income or net loss realized during a certain period

True

False

The process of transferring the same information from the journal to the ledger is called Posting

True

False

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