1. Accounting is mainly the process of?

A) Recording, classifying and summarizing financial transactions

B) Only typing letters

C) Only printing documents

D) None of these

2. A Ledger is used to?

A) Record all transactions of a particular account

B) Store images

C) Print documents

D) None of these

3. Debit and Credit are concepts used in?

A) Double-entry bookkeeping

B) Word processing

C) Web design

D) None of these

4. Which statement shows the profit or loss of a business?

A) Profit & Loss Account (Income Statement)

B) Balance Sheet only

C) Trial Balance only

D) None of these

5. A Balance Sheet shows?

A) Assets, Liabilities and Equity

B) Only Sales

C) Only Expenses

D) None of these

6. Assets are things that?

A) A business owns and has value

B) A business owes to others

C) Have no value

D) None of these

7. Liabilities are?

A) What a business owes to others

B) What a business owns

C) Profit only

D) None of these

8. A Trial Balance is prepared to?

A) Check the arithmetical accuracy of ledger accounts

B) Print invoices

C) Design logos

D) None of these

9. A Cash Book records?

A) Cash receipts and payments

B) Only sales

C) Only purchases

D) None of these

10. A Voucher is used as?

A) Proof/evidence of a financial transaction

B) A type of software

C) A printer

D) None of these

Basics of Accounting Test

1. Accounting is mainly the process of?

2. A Ledger is used to?

3. Debit and Credit are concepts used in?

4. Which statement shows the profit or loss of a business?

5. A Balance Sheet shows?

6. Assets are things that?

7. Liabilities are?

8. A Trial Balance is prepared to?

9. A Cash Book records?

10. A Voucher is used as?

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