Accounting Information Literacy Assessment
1st Grade - University
•15 Qs
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Accounting Information Literacy Assessment
Quiz
•
Other
•
1st Grade - University
•
Medium
NURHANIM NAJIHA
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15 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The balance sheet has 3 key sections. From memory, select them from the list.
Income
Liabilities
Equity
Accruals
Assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Using the names of 3 key balance sheet sections, complete the accounting equation below that proves the balance sheet is balance:
Assets =Liabilities + ______
Income
Expenses
Equity
Profit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To be classified as an asset of the business the item must be owned by that business and be tangible
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The gross profit margin tells the business how much income tax they have to pay.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Profits earned are accumulated in the balance seet.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash and income are the same concept in accounting.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Without using leverage (also known as gearing) most businesses would struggle to grow.
True
False
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