TS Grewal Class 11 Accountancy Quiz
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Questions and Answers

What is the primary objective of accounting?

  • To provide financial information about the business to various stakeholders (correct)
  • To maximize profits for the business
  • To minimize tax liabilities for the business
  • To ensure smooth day-to-day operations of the business

Which financial statement provides information about a company's profitability?

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

What is the purpose of the balance sheet?

  • To calculate the tax liability of the business
  • To provide a snapshot of a company's financial position at a specific point in time (correct)
  • To record day-to-day business transactions
  • To track the inflow and outflow of cash in a business

Flashcards

Primary objective of accounting

To provide financial information about the business to various stakeholders.

Income statement

A financial statement that shows a company's profitability over a period.

Balance sheet purpose

To provide a snapshot of a company's financial position at a specific point in time.

Study Notes

Accounting Objectives and Financial Statements

  • The primary objective of accounting is to provide financial information that is useful for decision-making.

Financial Statements

  • The income statement (profit and loss statement) provides information about a company's profitability, including revenues, expenses, and net income.

Balance Sheet

  • The balance sheet provides a snapshot of a company's financial position at a specific point in time, including its assets, liabilities, and equity.

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Description

Test your knowledge of accounting principles with this quiz based on the TS Grewal Class 11 Accountancy book. Challenge yourself with questions on financial statements, journal entries, and more.

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