Accounting and Finance MCQs Test 2

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

About This Quiz:

  • Chapter: Accounting and Finance
  • Quiz Type: Multiple choice questions (MCQs)
  • Number of MCQs: 40
  • Total Points: 40
  • Approximate Time Required: 10 – 15 minutes

Accounting and finance MCQs test 2

Frequently Asked Questions

What are the 4 sections in a General Ledger?

The General Ledger is a permanent summary of the various accounts that details an organization’s financial information. The ledger contains four parts: the chart of accounts, financial transactions, account balances and accounting periods.

What is the purpose of a bank statement?

A sales invoice is a business accounting document that records a transaction involving the sale of goods or services. The invoice can identify the name and address of the buyer, the items sold and the amount of money due for payment.

What is the purpose of a bank statement?

What is the purpose of a bank statement?

What are Revenue Expenditures?

Revenue Expenditures are short-term expenses used to meet the ongoing costs of running a business, including salaries and wages, leases and rental costs, utilities, and repairs.

What is the difference between noncurrent assets and current assets?

Current assets include cash and other liquid assets that can be easily converted to cash within twelve months. Noncurrent assets include long-term investments, real estate, and other assets that are not expected to be turned into cash for at least a year or longer.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.

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