Class XI Accountancy Quiz - Introduction to Accounting
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Preview questions
1. What is the primary purpose of accounting?
To prepare tax returns · To record financial transactions · To manage inventory · To analyze market trends
2. Which of the following is NOT a function of accounting?
Recording · Classifying · Summarizing · Marketing
3. What does the term 'assets' refer to in accounting?
Liabilities owed · Future income · Resources owned · Expenses incurred
4. Which of the following is considered a liability?
Cash in hand · Accounts payable · Inventory · Prepaid expenses
5. What is the accounting equation?
Assets = Liabilities + Equity · Assets + Liabilities = Equity · Assets = Liabilities - Equity · Assets + Equity = Liabilities
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