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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What are the two main components of final accounts?
💡 Hint: Think about the key financial statements.
Question 2
Easy
Define depreciation.
💡 Hint: Consider how assets change in value.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary purpose of the final accounts of a company?
- To assess company performance
- To prepare taxes
- To calculate dividends
💡 Hint: Think about the stakeholders' interest.
Question 2
True or False: Depreciation is considered an expense.
- True
- False
💡 Hint: Remember the concept of asset value over time.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Create a Balance Sheet for a company named 'Tech Innovations' with the following details: Assets: Cash $10,000, Inventory $5,000; Liabilities: Loans $7,000, Payable $2,000. Shareholder's Equity?
💡 Hint: Remember the accounting equation: Assets = Liabilities + Equity.
Question 2
Given the following data, prepare the Statement of Profit and Loss: Revenue: $50,000; Expenses: Rent $10,000, Salaries $20,000, Marketing $5,000. What is the Profit?
💡 Hint: Calculate the total expenses first.
Challenge and get performance evaluation