Life Skills & Finance MCQ

Correct answer: What we own/owe, profit, and cash movement. From lesson: Why records rule every business

Correct answer: Separating business records from personal money. From lesson: The entity concept: business is not you

Correct answer: A liability. From lesson: Assets, liabilities and capital

Correct answer: Assets = Liabilities + Capital. From lesson: The accounting equation

Correct answer: Income now, cash later. From lesson: Income, expenses and profit

Accounting, study skills, health and everyday life questions.

Q1. Accounting fundamentally answers: Medium

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Q2. The entity concept requires: Medium

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Q3. Money the business owes suppliers is: Medium

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Q4. The accounting equation states: Medium

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Q5. A credit sale today creates: Medium

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Q6. The 'no document, no entry' rule ensures: Medium

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Q7. Accrual accounting recognises income when: Medium

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Q8. The bookkeeping cycle begins with: Medium

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Q9. Every double-entry transaction affects: Medium

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Q10. An increase in an asset is recorded as a: Medium

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