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1) which of the following is not a core module of accounting?
a. accounts receivable
b. accounts payable
c. debt collection
d. purchase orders

2) what is general ledger also known as?
a. a normal ledger
b. a nominal ledger
c. an enumerated ledger
d. none of the above

3) which of the following is not one of the seven basic accounting categories?
a. asset
b. gains
c. losses
d. investment

4) the listing of the account names and the sum of the account balances is called what?
a. a total balance
b. a complete balance
c. an absolute balance
d. a trial balance

5) which of the following should be included in a general ledger?
a. date
b. description
c. total amount for each account
d. all of the above

6) what kind of statement is also known as a profit and loss statement?
a. complete statement
b. income statement
c. investment statement
d. earning statement

7) what kind of statement shows how changes in balance sheet and income accounts affected cash and cash equivalents?
a. cash flow statement
b. investment statement
c. earnings statement
d. income statement

8) a balance sheet is often described as ____ of the company's financial condition on a given date.
a. picture
b. snapshot
c. photo
d. slideshow

9) what is the purpose of an income statement?
a. to show managers and investors whether the company is up-to-date on taxes
b. to show managers and investors whether the company is spending its money appropriately
c. to show managers and investors whether the company made or lost money during the period of being reported
d. 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.

Answer Link

deebikamadhivanan deebikamadhivanan · Answer 2 · 2021-11-11T17:40:16+01:00

The right explanations for the answers are given below. Please follow the answers in order of question number.

Explanation:

1. The responsibility of collecting money from persons who have failed to pay for services, goods, or other commitments, therefore, debt collection, option c is correct.

Accounting software uses modules such as accounts payable, accounts receivable, payroll, and purchase orders to handle and record accounting transactions. Therefore, options a, c, and d are incorrect answers.

2. Option B is correct since the primary recorder of accounting transactions is the nominal ledger. It includes a balance sheet, profit and loss, and nominal account, among other accounting records.

Therefore, words like normal and enumerated are not accounting terms relating to the ledger, this concludes that options a, c, and d are incorrect answers.

3. Option D is correct because an investment is a payment made to acquire the securities of other firms with the intention of making a profit.

The accrual concept of accounting deals with assets, losses, and gains. Therefore, options a, b, and c are incorrect answers.

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

The total, complete, are absolute normal vocabulary that is used to describe the sum of amounts, but as per accounting terms, it is not usable. Therefore, options a, b, and c are incorrect answers.

5. Option D is the right answer because a general ledger, or GL, is a bookkeeping system that records all of a business's financial transactions.

A ledger is bound to have the date of the transactions, a particular description of the transactions, and undoubtedly the value of each transaction made. Therefore, options a, b, and c are incorrect answers as they are all in all mentioned as "all of the above."

6. Option B is the right answer because an income statement is a financial statement that displays a company's revenue and costs.

There is no official statement in the names of complete, investment, and earnings in the books of financial statements. Therefore, options a, c, and d are incorrect answers.

7. Option A is the right answer because a cash flow statement is a financial statement that shows the amount of cash and cash equivalents that enter and leave a business.

The investing activities, financing, and earnings are shown as a whole in the cash flow statement. Therefore, options b, c, and d are incorrect answers.

8. Snapshot is a management accounting tool that attempts to assist business owners in making better crucial business decisions, so Option B is right.

Snapshot is the best term to project the clear shots of transactions, picture, photo, or slideshow depicts as an image but not an information shot. Therefore, options a, c, and d are incorrect answers.

9. Option D is correct because an income statement is a financial statement that shows a company's net income or loss over a specific time period. It shows all of the revenue and expense transactions that took place throughout the time period, giving in a comprehensive assessment of how much money was made or lost.

As the purpose is described, options a, b, and c are incorrect answers.

For more information regarding the accounting questions posted, refer to the link:

https://brainly.com/question/3537170