Accounting Fundamentals Quiz

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

Questions and Answers

Which topic is discussed on page 57?

  • Partnership accounts
  • Balance sheet (correct)
  • Bank reconciliation statement
  • Cash based single entry system of accounting

What does every individual want to keep record of?

  • Liabilities only
  • Income only
  • Assets only
  • Transactions (correct)

What is the focus of financial management?

  • Maximizing social welfare
  • Reducing operational costs
  • Optimizing financial resources (correct)
  • Minimizing tax liabilities

What is the purpose of a bank reconciliation statement?

<p>To ensure the accuracy of the bank balance in the accounting records (B)</p>
Signup and view all the answers

What does social accounting primarily focus on?

<p>Social and environmental impacts of business activities (B)</p>
Signup and view all the answers

What is the primary focus of a bank reconciliation statement?

<p>Identifying discrepancies between the company's records and the bank statement (A)</p>
Signup and view all the answers

In a cash-based single entry system of accounting, how are transactions primarily recorded?

<p>Only one entry for each transaction, typically for cash transactions (A)</p>
Signup and view all the answers

What is the main objective of financial audit?

<p>To ensure the accuracy and reliability of financial information (A)</p>
Signup and view all the answers

What is the key focus of social accounting?

<p>Evaluating an organization's impact on society and the environment (B)</p>
Signup and view all the answers

What is the purpose of Public Financial Management System (PFMS)?

<p>Efficient management of public funds and effective utilization in developmental activities (B)</p>
Signup and view all the answers

Flashcards are hidden until you start studying

Study Notes

Accounting Overview

  • The table of contents covers 14 topics in accounting, starting with an introduction to accounting and progressing to financial statements and profit & loss accounts.

Topics in Accounting

  • Topic 1: Introduction to accounting
  • Topic 2: Basic accounting terms
  • Topic 3: Accounting concepts
  • Topic 4: Accounting equation
  • Topic 5: Double entry system of accounting and journal rules
  • Topic 6: Voucher approach in accounting
  • Topic 7: Ledger accounts
  • Topic 8: Subsidiary books
  • Topic 9: Cash book
  • Topic 10: Trial balance
  • Topic 11: Financial statements
  • Topic 12: Trading account
  • Topic 13: Profit & loss account

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

More Like This

Use Quizgecko on...
Open
Browser
Browser