Accounting Basics

Multiple Choice Questions

Accounting Basics 2017-10-27T05:50:59+00:00

1. Which financial statement displays the revenues and expenses of a company for a period of time?




2. What is the main purpose of financial accounting?




3. Which of these is not included as a separate item in the basic accounting equation?




4. Which financial statement uses the expanded accounting equation?




5. The accrual basis of accounting records revenues when they are:




6. The account format that displays debits, credits, balances, and headings.




7. Asset accounts have what type of balance?




8. Which account is not a liability account?




9. Which account increases equity?




10. A contra asset account has what type of balance?