Accounting and Finance MCQs Test 4

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

Frequently Asked Questions

What is the Double-entry System?

The Double-entry System of accounting requires that for every transaction, the amounts entered as debits must be equal to the amounts entered as credits.

What is the purpose of General Journals?

A cash book is a financial journal that contains all cash receipts and disbursements, which are then posted into the General Ledger.

What is the purpose of General Journals?

What is the purpose of General Journals?

What is the difference between a Trial Balance and balance sheet?

The Trial Balance and the balance sheet are two different accounting reports. The Trial Balance lists the ending balances for every account, while the balance sheet may aggregate many ending account balances into each line item.

What is an income statement?

An income statement is one of the three key statements used for reporting a company’s financial performance for a specific accounting period.

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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