PU COM 2026 Financial Statements Free Quiz 1

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PU COM 2026 Financial Statements Free Quiz 1

PU COM Quiz

10:00

Answered: 0 / 10

Remaining: 10

Navigator 10 Q

General

General 10 MCQs

1. What are financial statements?

A. Formal records of financial activities B. Ledgers C. Journals D. Trial balances

2. What is a trading account?

A. Profit and loss account B. Trading account C. Balance sheet D. Cash flow statement

3. What is a profit and loss account?

A. Trading account B. Balance sheet C. Profit and loss account D. Cash flow statement

4. What shows the financial position at a specific date?

A. Trading account B. Profit and loss account C. Income statement D. Balance sheet

5. How is gross profit calculated?

A. Sales - Cost of Goods Sold B. Sales - Expenses C. Sales + Cost of Goods Sold D. Sales - Liabilities

6. How is net profit calculated?

A. Gross Profit + Expenses B. Gross Profit - Expenses C. Gross Profit - Revenue D. Gross Profit + Revenue

7. What is the balance sheet equation?

A. Assets = Liabilities - Owner's Equity B. Assets = Owner's Equity - Liabilities C. Assets = Liabilities + Owner's Equity D. Assets + Liabilities = Owner's Equity

8. What entries transfer balances to the income summary account?

A. Opening entries B. Adjusting entries C. Reversing entries D. Closing entries

9. What entries ensure revenues and expenses are recognized correctly?

A. Adjusting entries B. Closing entries C. Opening entries D. Reversing entries

10. What is another name for the profit and loss account?

A. Trading account B. Income statement C. Balance sheet D. Cash flow statement

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