1. The following is (are) the types of journal A. Purchase JournalB. Sales JournalC. Cash JournalD. All of the above2. The process of entering all transactions from the journal to ledger is called A. PostingB. EntryC. AccountingD. None of the above3. The following is a statement showing the financial status of the company at any given time A. Trading account B. Profit & Loss statementC. Balance SheetD. Cash Book4. The following is a statement of revenues and expenses for a specific period of time A. Trading accountB. Trial BalanceC. Profit & Loss statementsD. Balance Sheet5. Balance sheet is a statement of A. AssetsB. LiabilitiesC. CapitalD. All of the above6. Balance sheets are prepared A. DailyB. WeeklyC. MonthlyD. Annually7. The ratio that refer to the ability of the firm to meet the short term obligations out of its short term resources A. Liquidity ratioB. Leverage ratioC. Activity ratioD. Profitability ratio8. The measure of how efficiently the assets resources are employed by the firm is called A. Liquidity ratioB. Leverage ratioC. Activity ratioD. Profitability ratio9. The following is (are) the current liability (ies)A. Bills payableB. Outstanding expensesC. Bank OverdraftD. All of the above10. Current ratioA. Quick assets/Current liabilitiesB. Current assets/Current liabilitiesC. Debt/EquityD. Current assets/Equity
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