Accounting Basics Quiz
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Questions and Answers

What is the outcome of recording transactions directly in T-accounts?

  • Formulation of income and expenses
  • Preparation of journal entries
  • Statement of financial position
  • Balancing of accounts (correct)

    • What is the purpose of preparing a list of balances?

  • To prepare a statement of financial position (correct)
  • To post transactions to accounts
  • To journalise income and expenses
  • To prepare a statement of profit or loss

    • What is the next step after posting transactions to accounts?

  • Preparing a list of balances (correct)
  • Preparing a statement of financial position
  • Preparing a statement of profit or loss
  • Journalising income and expenses

    • What is the purpose of journalising income and expenses?

    <p>To prepare a statement of profit or loss</p> Signup and view all the answers

    What is the outcome of preparing a statement of profit or loss and a statement of changes in equity?

    <p>Statement of financial position</p> Signup and view all the answers

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