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BASICS OF CORPORATE ACCOUNTING

Quiz by poojithak bharan

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5 questions
Show answers
  • Q1
    What is the fundamental accounting equation?
    Assets + Liabilities = Equity
    Assets = Liabilities + Equity
    Assets = Liabilities - Equity
    Assets + Liabilities = Revenue
    30s
  • Q2
    What is the purpose of a balance sheet?
    To track cash inflows and outflows
    To provide a snapshot of a company's financial position
    To calculate net income
    To analyze revenue and expenses
    30s
  • Q3
    What is the double-entry system?
    A system of recording financial transactions that requires at least two entries for every transaction
    A system of recording financial transactions that requires only one entry for every transaction
    A system of recording financial transactions that requires no entries
    A system of recording financial transactions that requires at least three entries for every transaction
    30s
  • Q4
    What is the formula to calculate the net profit?
    Revenue * Expenses
    Revenue - Expenses
    Revenue / Expenses
    Revenue + Expenses
    30s
  • Q5
    What is the purpose of the trial balance?
    To calculate net income
    To analyze revenue and expenses
    To ensure the accuracy of the recorded transactions
    To track cash inflows and outflows
    30s

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