Check my answers please? 10 points!
(Where I put a star are my answers)
1)Which of the following is not a core module of accounting?
Accounts receivable
Accounts payable*
Debt Collection
Purchase Orders
2) What is a general ledger also known as?
A nominal ledger*
A normal ledger
An enumerated ledger
None of the above
3) Which of the following is not one of the seven basic accounting categories?
Asset*
Gains
Losses
Investment
4) The listing of the account names and the sum of the account balances is called a what?
A Total balance
A complete balance
An absolute balance*
A trial balance
5) Which of the following should be included in a general ledger?
Date
Description
Total amount for each account
All of the above*
6) What kind of statement is also known as a profit and loss statement?
Complete statement
Income statement*
Investment statement
Earnings statement
7) What kind of statement shows how changes in balance sheet and income accounts affected cash and cash equivalents?
Cash flow statement
Investment statement
Earnings statement*
Income statement
Income statement
8) A balance sheet is often described as a ________ of the company's financial condition on a given date.
Picture
Snapshot
Photo*
Slideshow
9) What is the purpose of an income statement?
To show managers and investors whether the company is up-to-date on taxes
To show managers and investors whether the company is spending money appropriately
To show managers and investors whether the company made or lost money during the period
None of the above*

1. Debt Collection
2. A nominal ledger
3. Investment
4. A trial balance
5. All of the above
6. Income Statement
7. Cash flow Statement
8. Snapshot
9. To show managers and investors whether the company made or lost money during the period being reported.

Just took the Test and got a 100!

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mahak08 mahak08 · Answer 2 · 2021-10-05T20:16:55+02:00

Answer:

"THE CORRECT OPTIONS FOR EACH OF THE GIVEN QUESTIONS ARE AS FOLLOWS"

1. Option C is correct Debt Collection

2. Option A is correct A nominal ledger

3. Option D is correct Investment

4. Option D is correct A trial balance

5. Option D is correct All of the above

6. Option B is correct Income Statement

7. Option A is correct Cash flow Statement

8. Option B is correct Snapshot

9. Option D is correct None of the above

Explanation:

1.Option c is correct because the task of collecting money from those who have failed to pay for goods, services, or other obligations.

2. Option A is correct because A nominal ledger is the primary recorder of accounting transactions. It provides a complete set of accounting records, including profit and loss, balance sheet, and nominal account.

3. Option D is correct because A payment made to acquire the securities of other businesses with the goal of earning a profit is referred to as an investment.

4. Option D is correct because A trial balance is a bookkeeping spreadsheet that aggregates all ledger balances into equal debit and credit accounts posting.

5. Option D is correct because A general ledger, or GL, is a bookkeeping system that keeps track of all of a company's financial activities. All accounts that are generally reported in a GL are assets, liabilities, equity, expenses, and income or revenue.

6. Option B is correct because An income statement is a financial statement that shows the income and expenses of a firm.

7. Option A is correct because A cash flow statement is a financial statement that illustrates how much cash and cash equivalents join and leave a company.

8. Option B is correct because Snapshot is a management accounting solution that aims to assist business owners in making better key business decisions.

9. Option D is correct because The income statement is an outcome report that displays a company's net income or loss for a given time period. It displays all of the revenue and expense transactions that occurred over the time period, resulting in a total assessment of how much money was gained or lost.

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