9 Questions
Which type of business transaction is settled by cheques?
Business transactions
What does a businessman maintain with banks for the purpose of business transactions through cheques?
Current account
Why does a current account facilitate business transactions in a smoother way than cash?
No need to carry cash
What does a bank issue to a businessman when he opens a current account?
Cheque book and pass book
Which financial statement provides a summary of an organization's financial balances as of a specific date?
Balance sheet
What are the two main categories listed on a standard company balance sheet?
Assets and liabilities
Which financial statement applies to a single point in time of a business's calendar year?
Balance sheet
What is another name for a balance sheet?
Statement of financial position
Which financial statement is often described as a 'snapshot of a company's financial condition'?
Balance sheet
Quiz: Understanding Current Accounts and Cheque Transactions in Business Test your knowledge on current accounts and cheque transactions in the modern business world. This quiz will cover topics such as maintaining current accounts, depositing cheques, making payments to creditors, and the benefits of current accounts for business transactions. Challenge yourself and enhance your understanding of this crucial aspect of business finance.
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