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 analyze market trends · To manage human resources
2. Which of the following is NOT a function of accounting?
Recording transactions · Classifying transactions · Auditing financial statements · Summarizing financial data
3. The process of recording financial transactions is known as:
Classification · Summarization · Bookkeeping · Reporting
4. Which of the following statements is true about accounting?
It is only for large businesses · It is a systematic process · It does not involve any calculations · It is only concerned with cash transactions
5. What does the term 'financial statements' refer to?
Documents for tax purposes · Reports that summarize financial data · Personal budgets · Sales forecasts
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