Recent

  • Show all results for ""

🎧 New: AI-Generated Podcasts Turn your study notes into engaging audio conversations. Learn more

Class 11th ACCOUNTS Financial Statements Quiz
6 Questions
1 Views

Class 11th ACCOUNTS Financial Statements Quiz

Created by
@SuperGarnet

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which financial statement reports the financial position of a business at a specific point in time?

  • Cash flow statement
  • Income statement
  • Statement of changes in equity
  • Balance sheet (correct)

    • What is the formula to calculate gross profit?

  • Net sales - Cost of goods sold (correct)
  • Operating income + Non-operating income
  • Net income - Operating expenses
  • Net profit margin / Net sales

    • What does the term 'accrual' refer to in accounting?

  • Expenses paid in advance
  • Revenue earned but not yet received (correct)
  • Cash paid after it is earned
  • Cash received before it is earned

    • Which financial statement summarizes a company's revenues and expenses over a period of time?

    <p>Income statement</p> Signup and view all the answers

    What is the purpose of the statement of owner's equity?

    <p>To show changes in the owner's investment in the business</p> Signup and view all the answers

    What is the main purpose of the balance sheet?

    <p>To report the company's assets, liabilities, and equity at a specific point in time</p> Signup and view all the answers

    More Quizzes Like This

    Business Forms
    7 questions

    Business Forms

    SensibleStream4503 avatar
    SensibleStream4503
    Basic Bookkeeping and Accounting Concepts Quiz
    3 questions

    Basic Bookkeeping and Accounting Concepts Quiz

    PatriReef avatar
    PatriReef
    Accounting Basics Quiz
    10 questions

    Accounting Basics Quiz

    StimulatingValley avatar
    StimulatingValley
    Accounting Basics Quiz
    4 questions

    Accounting Basics Quiz

    MasterfulIdiom avatar
    MasterfulIdiom
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser