Unlock and Upgrade

Remove all limits from your Quizzes

You've reached the limit of our free version but can immediately unlock and go pro.

Continue No thanks

Make your own Quiz

Make your own Quiz Copy & Edit

Make your own quiz Manage my Quizzes Plans / Features Guides and Help Contact Privacy & Security

Types of accounts and golden rules of accounting

Which of the following is an example of a current asset?

Inventory

Buildings

Patents

Land

What is the golden rule of accounting for expenses?

Which financial statement shows a company's revenues and expenses over a period of time?

Balance Sheet

Statement of Cash Flows

Income Statement

Statement of Retained Earnings

Which of the following is considered a liability?

Accounts Payable

Prepaid Rent

Common Stock

Notes Payable

What is the purpose of the general ledger?

To record daily transactions

To prepare financial statements

To calculate taxes

To store all accounts and their balances

Which of the following is an example of an intangible asset?

Trademark

Cash

Inventory

Goodwill

What is the purpose of the trial balance?

To identify errors in the financial statements

To summarize revenue and expenses

To calculate net income

To ensure debits equal credits

What is the formula for calculating net income?

Which account type increases on the credit side?

Liabilities

Equity

Revenues

Assets

What is the purpose of the cash flow statement?

To show changes in equity over time

To report the financial position of a company

To track cash inflows and outflows

To calculate net profit margin

{"name":"Types of accounts and golden rules of accounting", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"Which of the following is an example of a current asset?, What is the golden rule of accounting for expenses?, Which financial statement shows a company's revenues and expenses over a period of time?","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}