Various Business Questions

1. The following is (are) the types of journal
A. Purchase Journal
B. Sales Journal
C. Cash Journal
D. All of the above

2. The process of entering all transactions from the journal to ledger is called
A. Posting
B. Entry
C. Accounting
D. None of the above

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3. The following is a statement showing the financial status of the company at any given time
A. Trading account
B. Profit & Loss statement
C. Balance Sheet
D. Cash Book

4. The following is a statement of revenues and expenses for a specific period of time
A. Trading account
B. Trial Balance
C. Profit & Loss statements
D. Balance Sheet

5. Balance sheet is a statement of
A. Assets
B. Liabilities
C. Capital
D. All of the above

6. Balance sheets are prepared
A. Daily
B. Weekly
C. Monthly
D. Annually

7. The ratio that refer to the ability of the firm to meet the short term obligations out of its short term resources
A. Liquidity ratio
B. Leverage ratio
C. Activity ratio
D. Profitability ratio

8. The measure of how efficiently the assets resources are employed by the firm is called
A. Liquidity ratio
B. Leverage ratio
C. Activity ratio
D. Profitability ratio

9. The following is (are) the current liability (ies)
A. Bills payable
B. Outstanding expenses
C. Bank Overdraft
D. All of the above

10. Current ratio
A. Quick assets/Current liabilities
B. Current assets/Current liabilities
C. Debt/Equity
D. Current assets/Equity. For more information on Various Business Questions see this:

Various Business Questions

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