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T Level Accounting Questions

Quiz by Mukesh Virk

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10 questions
Show answers
  • Q1
    What is the primary purpose of a trial balance in accounting?
    To calculate net profit
    To prepare financial statements
    To record transactions
    To ensure that total debits equal total credits
    30s
  • Q2
    Which of the following accounts typically has a normal credit balance?
    Asset accounts
    Liability accounts
    Expense accounts
    Revenue accounts
    30s
  • Q3
    What type of accounting method recognizes revenues and expenses when they are earned or incurred, regardless of when cash is exchanged?
    Accrual accounting
    Current accounting
    Cash basis accounting
    Deferred accounting
    30s
  • Q4
    Which financial statement provides a snapshot of a company's financial position at a specific point in time?
    Statement of changes in equity
    Balance sheet
    Cash flow statement
    Income statement
    30s
  • Q5
    In accounting, what does the acronym GAAP stand for?
    Guidelines for Accounting and Auditing Practices
    Gross Accounting Assessment Procedures
    Generally Accepted Accounting Principles
    General Analysis of Accounting Policies
    30s
  • Q6
    What is the purpose of the statement of cash flows?
    To detail changes in equity
    To provide information about cash inflows and outflows
    To show the balance of assets and liabilities
    To summarize revenues and expenses
    30s
  • Q7
    Which of the following is an example of a non-current asset?
    Property, plant, and equipment
    Cash
    Inventory
    Accounts receivable
    30s
  • Q8
    What is the main objective of an audit?
    To manage the company's finances
    To provide an independent opinion on the financial statements
    To prepare financial statements
    To ensure compliance with tax regulations
    30s
  • Q9
    What does the term 'liquidity' refer to in accounting?
    The long-term viability of a business
    The ability of a company to meet its short-term financial obligations
    The total amount of revenue generated
    The overall profitability of a company
    30s
  • Q10
    What is the accounting equation that underlies double-entry bookkeeping?
    Assets + Liabilities = Equity
    Assets = Liabilities + Equity
    Cash = Receivables - Payables
    Revenue = Expenses + Profit
    30s

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