Accounting Skills Assessment Practice Questions 2023 - Part 21
1. The format of the balance sheet reflects which of the following?
A) The basic accounting equation
B) Worksheet
C) Statement of Owner Equity
D) Income statement
2. A financial statement to show what a business owns and owes at a particular point in time?
A) A cash flow statement
B) The bank statement for the business
C) A balance sheet
D) A statement of retained earnings
3. Which financial statement presents a summary of the Assets, Liabilities, and Owners' Equity of a firm?
A) General ledger
B) Work sheet
C) Balance sheet
D) Cash flow statement
4. A financial document that indicates the success or failure of a business trading over a period of time is called?
A) A cash flow statement
B) A retained earnings statement
C) An income statement
D) A bank statement
5. The report of company that shows overall profit on the sale of their goods or the provision of their services?
A) Trading and Profit & loss account
B) Cash flow statement
C) Income Statement
D) Both a and c
A) The basic accounting equation
B) Worksheet
C) Statement of Owner Equity
D) Income statement
2. A financial statement to show what a business owns and owes at a particular point in time?
A) A cash flow statement
B) The bank statement for the business
C) A balance sheet
D) A statement of retained earnings
3. Which financial statement presents a summary of the Assets, Liabilities, and Owners' Equity of a firm?
A) General ledger
B) Work sheet
C) Balance sheet
D) Cash flow statement
4. A financial document that indicates the success or failure of a business trading over a period of time is called?
A) A cash flow statement
B) A retained earnings statement
C) An income statement
D) A bank statement
5. The report of company that shows overall profit on the sale of their goods or the provision of their services?
A) Trading and Profit & loss account
B) Cash flow statement
C) Income Statement
D) Both a and c
1. Right Answer: A
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: C
Explanation:
4. Right Answer: C
Explanation:
5. Right Answer: D
Explanation:
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: C
Explanation:
4. Right Answer: C
Explanation:
5. Right Answer: D
Explanation:
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