7 Questions
Which of the following is a major form of business discussed in the text?
Sole Proprietorship
What is the difference between managerial and financial accounting?
Managerial accounting focuses on the internal users, while financial accounting relates to planning financial events.
On which financial statement would you find revenue and expenses?
Income statement
According to the text, what does the current ratio measure?
The ability of a firm to pay its debts
What is the abbreviation for debit according to the text?
DR
What is the difference between current assets and other assets according to the text?
Current assets are cash or other assets that will be converted into cash or consumed within one year, while other assets can be cash or withdrawals that are used or kept on the firm's behalf.
What is a source document according to the text?
An invoice that shows quantity, description, prices of items, total amount of purchase, and the terms of payment
This quiz will test your knowledge on the major forms of business, including Sole Proprietorship, Partnership, C Corporation, S Corporation, and The Limited Partnership. It will also cover the three types of business entities, which are manufacturing, service, and merchandising. Additionally, you'll be asked about the differences between managerial and financial accounting. Put your business knowledge to the test with this quiz!
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