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2. 1. The expanded accounting equation is used
by which statement?
A. Cash Flow Statement
B. Balance Sheet
C. Income Statement
D. None of the above
Answer: B) Balance Sheet

3. 2. The main Purpose of Financial Accounting
is?
A. To Provide financial information to
shareholders
B. To maintain balance sheet
C. To minimize taxes.
D. To keep track of liabilities
Answer: A) To Provide financial
information to shareholders

4. 3. The revenues and expenses of a company
are displayed in which statement?
A. Balance Sheet
B. Cash Flow Statement
C. Income Statement
D. None of the above
Answer: C) Income Statement

5. 4. The account which increases equity is
known as?
A. Debit Account
B. Credit Account
C. Revenue
D. Treasury Stock
Answer: C) Revenue

6. 5. The kind of debts which are needed to be
repaid in a short term is known as?
A. Fixed Liabilities
B. Current Liabilities
C. Depreciating Assets
D. Intangible Assets
Answer: B) Current Liabilities

7. 6. What type of balance do asset accounts
have?
A. Contra
B. Credit
C. Debit
D. All of the above
Answer: C) Debit

8. 7. What are the long-term assets which do not
have any physical existence?
A. Intangible Assets
B. Tangible Assets
C. Current Liabilities
D. Current Assets
Answer: A) Intangible Assets

9. 8. What is the supporting evidence in a
business transaction called?
A. Journal
B. Ledger
C. Voucher
D. Contra Voucher
Answer: C) Voucher

10. 9. Which person owes an amount to a
business organization for buying goods and
services on a credit basis?
A. Creditors
B. Debtors
C. Owner
D. None of the above
Answer: B) Debtors

11. 10. When are balance sheets prepared?
A. Quarterly
B. Yearly
C. Monthly
D. None of the above
Answer: B) Yearly

12. 11. The Expenses, Profit & Loss of an
organization are recorded in which account?
A. Current Account
B. Personal Account
C. Nominal Account
D. None of the above
Answer: C) Nominal Account

13. 12. What is an operating cycle?
A. A metric that expresses the time (measured in days) it
takes for a company to convert its investments in
inventory and other resources into cash flows from sales.
B. The time it takes a company to buy goods, sell them and
receive cash from the sale of said goods.
C. The process of hiring personnel to conduct the daily
operations of the business.
D. Collective process of identifying, analyzing, and recording
the accounting events of a company.
Answer: B) The time it takes a company to buy goods, sell
them and receive cash from the sale of said goods cycle.

14. 13. What is Activity Ratio?
A. Financial Ratios that measure a firm's ability to
convert different accounts into a balance sheet.
B. Ratios that measure a company's ability to pay debt
obligations and its margin of safety.
C. Financial measurements that assess the ability of a
company to meet its financial obligations.
D. The ratio that evaluates the company's ability to
generate income as compared to its expenses.
Answer: A) Financial Ratios that measure a firm's ability
to convert different accounts into a balance sheet.

15. 14. What is Current Liability?
A. Assets of a company that are expected to be sold or
used as a result of standard business operations
over the next year.
B. A potential liability that may occur in the future.
C. Company's short-term financial obligations that are
due within one year or within a normal operating
cycle.
D. Obligations listed on the balance sheet not due for
more than a year.
Answer: C) Company's short-term financial obligations
that are due within one year or within a normal operating
cycle.