Practice Objectives of Accounting - 4.3 | 4. Mechanics and Terminology of Accounting Systems | ICSE Class 9 Commercial Applications
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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the primary purpose of accounting?

πŸ’‘ Hint: Think about what accounting fundamentally does.

Question 2

Easy

Name one objective of accounting.

πŸ’‘ Hint: Consider what businesses need to achieve.

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 one objective of accounting?

  • Gain customer satisfaction
  • Record financial transactions
  • Increase employee count

πŸ’‘ Hint: This is very basic; what does accounting mainly do?

Question 2

Is determining profit or loss an objective of accounting?

  • True
  • False

πŸ’‘ Hint: Think about what businesses need to track for success.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company records revenues of β‚Ή1,000,000 and expenses of β‚Ή800,000. Discuss the implications of these results on future planning.

πŸ’‘ Hint: What does profit allow a business to do?

Question 2

A business faces bankruptcy due to neglecting its liabilities. Explain how proper accounting habits could have prevented this situation.

πŸ’‘ Hint: What role do records play in managing debt?

Challenge and get performance evaluation