Accounting & Bookkeeping Basics - Practice Quiz — Quiz in Progress

Q1. Accounting fundamentally answers: AMarketing questions BWhat we own/owe, profit, and cash movement CHR disputes DDesign choices

Q2. The entity concept requires: AOne shared pocket BSeparating business records from personal money CFamily approval DRegistration only

Q3. Money the business owes suppliers is: AAn asset BA liability CCapital DRevenue

Q4. The accounting equation states: AProfit = Sales BAssets = Liabilities + Capital CCash = Capital DDebit = Cash

Q5. A credit sale today creates: AImmediate cash BIncome now, cash later CAn expense DCapital

Q6. The 'no document, no entry' rule ensures: ASlower work BAuditable, defensible records CMore paper DNothing

Q7. Accrual accounting recognises income when: ACash arrives BIt is earned CThe month ends DTax is due

Q8. The bookkeeping cycle begins with: AStatements BSource documents CTrial balance DAudits