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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define a financial transaction.
💡 Hint: Think about what happens when money is exchanged.
Question 2
Easy
What is an account in accounting?
💡 Hint: Remember, accounts help track money in and out.
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 accounting primarily concerned with?
- Legal compliance
- Recording and summarizing transactions
- Financial forecasting
💡 Hint: Think about the core functions of accounting.
Question 2
True or False: In the double-entry system, every transaction affects only one account.
- True
- False
💡 Hint: Consider the nature of transactions.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A business owner wants to analyze their expenses. They have recorded the following: Rent - ₹12,000, Utilities - ₹5,000, Salaries - ₹20,000. Based on this information, determine the total expenses and what percentage of total income (assuming income is ₹50,000) the expenses represent.
💡 Hint: Add all listed expenses first before calculating the percentage.
Question 2
If a company has total assets of ₹100,000 and liabilities of ₹40,000, how much is the owner’s equity?
💡 Hint: Remember the basic accounting equation.
Challenge and get performance evaluation