5 Questions
What are the two fundamental accounting assumptions?
The two fundamental accounting assumptions are the accrual basis assumption and the going concern assumption.
What are the three types of accounts?
The three types of accounts are personal accounts, real accounts, and nominal accounts.
What is the purpose of a trial balance?
The purpose of a trial balance is to ensure that the total debits equal the total credits in the accounting records.
What are the General Accepted Accounting Principles (GAAP)?
General Accepted Accounting Principles (GAAP) are a set of accounting standards and guidelines used to prepare and present financial statements.
What are contingent assets and contingent liabilities?
Contingent assets are potential assets that may be acquired in the future, while contingent liabilities are potential liabilities that may be incurred in the future.
Quiz: Basics of Accounting & Elements of Book-Keeping Test your knowledge on the fundamentals of accounting and book-keeping with this quiz. Designed for students studying Financial Accounting, this quiz will assess your understanding of key concepts and principles. From understanding the basics of accounting to mastering the elements of book-keeping, this quiz will help you gauge your proficiency in these core topics. Take the quiz and enhance your knowledge in these critical areas of commerce.
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