Business and Accounting Basics Quiz
10 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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?

<p>To establish accounting standards (C)</p> Signup and view all the answers

What is the purpose of adjusting entries?

<p>To update accounts for accruals and deferrals (A)</p> Signup and view all the answers

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

<p>Chapter 1 (D)</p> Signup and view all the answers

What is the main purpose of the accounting cycle?

<p>To prepare financial statements (B)</p> Signup and view all the answers

Which chapter in the book defines accounting and its users?

<p>Chapter 2 (B)</p> Signup and view all the answers

What is the rule of Debit and Credit in accounting?

<p>Debits increase assets and decrease liabilities (C)</p> Signup and view all the answers

What is the purpose of adjusting entries?

<p>To correct errors in the accounting records (B)</p> Signup and view all the answers

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser