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Accounting Basics Quiz

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Accounting Basics Quiz

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About this activity

Test your knowledge of accounting fundamentals!

Created by

Miriam Masibameng
Miriam Masibameng
Papua New Guinea

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Accounting Basics Quiz
 

Accounting Basics QuizOnline version

Test your knowledge of accounting fundamentals!

by Miriam Masibameng
1

What is the primary purpose of accounting?

2

Which financial statement shows a company's assets, liabilities, and equity?

3

What does 'debit' mean in accounting?

4

Which account type increases with a credit?

5

What is the term for the money earned from sales?

6

Which accounting principle requires recording expenses when incurred?

7

What is an asset?

8

What does 'liability' mean in accounting?

9

Which document summarizes a company's financial position?

10

What is the purpose of a journal in accounting?

11

What is an invoice?

12

What is a credit sale?

Choose one or more answers

13

PNG's financial year ends:

14

What government body is responsible for the incorporation of companies?

15

The PNGLNG project is a:

16

You pay cash for an invoice from PNG Power Ltd (PPL). Which of the following is true?

Choose one or more answers

17

What is the corporate income tax rate in PNG?

18

Hardware Haus Limited is a __________ of CPL Group:

19

Which SOE is responsible for managing landowner and provincial interests in resource projects (i.e. acts as a trustee of landowner interests)?

20

Which of the following is not a domestically incorporated company?

21

What is payroll?

22

What is insurance?

23

What is depreciation?

24

What is the primary aim of a business?

25

Which of the the following is an example of non-financial information?

26

What is credit risk?

27

What is a ledger?

28

What is double-entry accounting?

29

Which act/s of Parliament stipulates how financial records of companies are to be kept?

Choose one or more answers

30

What type of expense is insurance?

31

Which body is responsible for setting interest rates?

32

Which of the following accounts have a debit nature?

Choose one or more answers
 
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