1.Which of the following is not one of the major financial statements?

A.Balance Sheet

B.Revenue Statement

C.Cash Flow Statement

D.Income Statement

2.Which of the following is not considered a business activity?

A.Capital Expenditure

B.Purchases

C.Sales

D.None of the above

3.A pre-paid expense is documented in which of the following accounts?

A.Assets

B.Liabilities

C.Revenue

D.None of the Above

4.What kind of account is inventory held in?

A.Debit Account with Debit Nature

B.Debit Account with Credit Nature

C.Credit Account with Debit Nature

D.Credit Account with Credit Nature

5.What's the main purpose of a Statement of Cash Flow?

A.Consolidate valuable financial information from other financial statements

B.To highlight all the earnings and expenses coming in and out of the company

C.To add reliability to your credit with the bank

D.All of the Above

6.How do we close a ledger for any given time period?

A.2 thick black lines

B.Balance the accounts

C.Reach the end of the time period

D.Sell all the goods noted within it

7.When a business accepts payment for goods or services sold, the revenue is immediately deposited in what kind of account?

A.Income Account

B.Deposit Account

C.Savings Account

D.Current Account

8.Retained earnings are stored in which of the following accounts?

A.Income Account

B.Deposit Account

C.Savings Account

D.Current Account

9.A contracted employment position for 2 weeks of work is best compensated for using which of the following remuneration methods?

A.Time Rate

B.Salary

C.Straight Piece Rate

D.Contract Rate

10.To pay employees based on commission of sales, we use which of the following remuneration methods?

A.Time Rate

B.Salary

C.Straight Piece Rate

D.Bonus Scheme

11.From the options listed below, please select the best statement that describes HUMAN RESOURCES control activities

A.Setting up and changes passwords regularly

B.Collecting and organizing original copies of receipts and invoices

C.Conducting a reference check before hiring an employee

D.Ensuring the certain tasks and work are assigned to different employees

12.From the options listed below, please select the best statement that describes DOCUMENTATION control activities

A.Setting up and changes passwords regularly

B.Collecting and organizing original copies of receipts and invoices

C.Conducting a reference check before hiring an employee

D.Ensuring the certain tasks and work are assigned to different employees

13.From the options listed below, please select the best statement that describes PHYSICAL control activities

A.Setting up and changes passwords regularly

B.Collecting and organizing original copies of receipts and invoices

C.Conducting a reference check before hiring an employee

D.Ensuring the certain tasks and work are assigned to different employees

14.From the options listed below, please select the best statement that describes SEGREGATION OF DUTIES control activities

A.Setting up and changes passwords regularly

B.Collecting and organizing original copies of receipts and invoices

C.Ensuring the certain tasks and work are assigned to different employees

D.Conducting a reference check before hiring an employee