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Business and Accounting Basics Quiz

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Questions and Answers

What is the main purpose of the trial balance?

To close the books

To identify errors in the accounts (correct)

To prepare financial statements

To record adjusting entries

Which chapter in the book discusses the different types of accounting?

Chapter 2

Chapter 4

Chapter 1

Chapter 3 (correct)

Which chapter in the book discusses the accounting cycle?

Chapter 7

Chapter 4 (correct)

Chapter 5

Chapter 6

What is the role of the PICPA in accounting?

To establish accounting standards Signup and view all the answers

What is the purpose of adjusting entries?

To update accounts for accruals and deferrals Signup and view all the answers

Which chapter in the book discusses the different types of ownership in business?

Chapter 1 Signup and view all the answers

What is the main purpose of the accounting cycle?

To prepare financial statements Signup and view all the answers

Which chapter in the book defines accounting and its users?

Chapter 2 Signup and view all the answers

What is the rule of Debit and Credit in accounting?

Debits increase assets and decrease liabilities Signup and view all the answers

What is the purpose of adjusting entries?

To correct errors in the accounting records Signup and view all the answers

Business and Accounting Basics Quiz

Choose a study mode

Podcast

Questions and Answers

What is the main purpose of the trial balance?

Which chapter in the book discusses the different types of accounting?

Which chapter in the book discusses the accounting cycle?

What is the role of the PICPA in accounting?

What is the purpose of adjusting entries?

Which chapter in the book discusses the different types of ownership in business?

What is the main purpose of the accounting cycle?

Which chapter in the book defines accounting and its users?

What is the rule of Debit and Credit in accounting?

What is the purpose of adjusting entries?

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