This test requires a lot of studying on the students’ part. The multiple answer questions given-below make it easier for one to revise and refresh their memory on what they have learnt so far. If you believe in yourself and are ready to solve these accounting questions, then give them a try. All the best!
True
False
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Income statement
Balance Sheet
Net worth
Accounting statement
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True
False
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True
False
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True
False
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True
False
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True
False
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True
False
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True
False
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True
False
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True
False
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True
False
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When cash decreases, net worth will always decrease
When cash increases, net worth will always increase
When expenses decrease, net worth will decrease
When revenue increases, net worth will increase
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True
False
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True
False
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True
False
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A partnership is a business owned by two or more persons
A corporation is a business that is registered with the provincial and federal government is a separate legal entity from its owners, the shareholders
A small business that is owned by one person is generally structured in the form of a proprietorship
All the business debt is not considered as the owners debt when operation as a proprietary business
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4,000
5,000
6,000
3,000
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True
False
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3,000
6,000
9,000
0
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Depreciation expense decreases, an expense on the income statement increases and equity increases
Cash decreases and equity decreases
Depreciation expense decreases, an expense on the balance sheet increases and equity decreases
Depreciation expense increases, an expense on the income statement increases and equity decreases
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400
250
500
125
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True
False
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Increases in July when you deposit the cheque
Increases in June when you earned it
Decreases in June because you did not deposit it
Decreases in July after the bank accepts the cheque
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Stays the same
Decreases
Increases
Non of the above
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True
False
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An increase in cash, decrease in accounts payable
An increase in depreciation expense, decrease in machine
An increase in depreciation expense, decrease in accumulative depreciation
An increase in depreciation expense, increase in accumulative depreciation
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True
False
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True
False
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Prepaid expenses decrease, an expense on the income statement increases and equity increases
Cash decreases and equity decreases
Prepaid expenses decrease, an expense on the balance sheet increases and equity decreases
Prepaid expenses decreases, an expense on the income statement increases and equity decreases
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Cash in bank
Revenue
Property, plant and equipment
Owner's equity
Net Worth
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True
False
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True
False
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Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Please give this your best shot!
Good Bless!
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