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?

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

    What is the purpose of adjusting entries?

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

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

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

    What is the main purpose of the accounting cycle?

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

    Which chapter in the book defines accounting and its users?

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

    What is the rule of Debit and Credit in accounting?

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

    What is the purpose of adjusting entries?

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

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