5 Questions
What is the outcome of recording transactions directly in T-accounts?
Balancing of accounts
What is the purpose of preparing a list of balances?
To prepare a statement of financial position
What is the next step after posting transactions to accounts?
Preparing a list of balances
What is the purpose of journalising income and expenses?
To prepare a statement of profit or loss
What is the outcome of preparing a statement of profit or loss and a statement of changes in equity?
Statement of financial position
Test your knowledge of accounting fundamentals, including T-accounts, journal entries, and financial statements. This quiz covers the basics of recording transactions, preparing trial balances, and generating statements of profit and loss, changes in equity, and financial position.
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