November 2024 - Fanoos Accounting Services

Celebrate International Accounting Day with Fanoos Accounting Services!

Join Us for a Special Accounting Quiz Event!

At Fanoos Accounting Services, we’re thrilled to celebrate International Accounting Day this year on November 17th with a fun and informative quiz event! It’s the perfect opportunity to recognize the vital role accountants play in building and sustaining businesses around the world. Whether you’re an accounting enthusiast, a seasoned professional, or just curious to learn, this quiz is a fantastic way to test your knowledge and celebrate our profession.

Why Participate?

Accounting is the language of business, and understanding its fundamentals is key to any financial success. Our specially designed quiz covers the basics of accounting principles, from the accounting equation to understanding financial statements, and aims to refresh core concepts in a lively and engaging way.

What to Expect in the Quiz:

You’ll be challenged with 10 multiple-choice questions that cover essential topics, such as:

The purpose of accounting and financial statements
Key principles of double-entry accounting
Important accounting terms like assets, liabilities, and equity
The basics of accrual accounting

Who Should Join?

Everyone! Whether you’re an aspiring accountant, a business owner looking to enhance financial literacy, or a finance enthusiast, this event offers something valuable for all. We welcome Fanoos team members, clients, and community members to join in celebrating the accounting profession.

How to Participate

Simply visit our website on November 17th to access the quiz. Don’t miss the chance to compete, learn, and maybe even win some accounting-themed prizes!

Let’s make this International Accounting Day memorable by celebrating knowledge, professionalism, and the passion for numbers that brings us all together. We look forward to your participation!

Click here to start the Quiz

International Accounting Day Quiz – Fanoos Edition

Celebrate International Accounting Day with Fanoos Accounting Services through our specially designed quiz! This engaging quiz combines essential accounting principles with questions on Afghanistan’s tax regulations, including Payroll Tax, Vendor Tax, Rental Tax, BRT, and Annual Taxes. It’s a perfect opportunity for accounting professionals, enthusiasts, and business owners to test their knowledge, refresh key concepts, and learn more about local tax requirements. Join us in recognizing the importance of accounting in building stronger businesses and communities!

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1. What is the main purpose of accounting?

A) To prepare financial statements for tax purposes

B) To record every transaction a company makes

C) To provide financial information for decision-making

D) To manage a company’s bank accounts

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2. Which of the following is the correct accounting equation?

A) Assets = Liabilities + Revenues

B) Assets = Liabilities - Equity

C) Assets = Liabilities + Equity

D) Assets = Revenues - Expenses

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3. In Afghanistan, what is the standard payroll tax rate for employees earning a monthly salary above AFN 100,000?

A) 2%

B) 5%

C) 10%

D) 20%

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4. Which financial statement shows a company’s revenues and expenses?

A) Balance Sheet

B) Statement of Cash Flows

C) Income Statement

D) Statement of Changes in Equity

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5. What is “accrual accounting”?

A) Recording transactions only when cash is received or paid

B) Recording revenues and expenses when they are earned or incurred, regardless of cash flow

C) Recording only cash transactions in the general ledger

D) A method that ignores expenses

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6. In Afghanistan, which tax is typically withheld from payments made to vendors and contractors for their services?

A) Payroll Tax

B) Vendor Tax

C) Rental Tax

D) BRT (Business Receipt Tax)

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7. What is the purpose of the Business Receipt Tax (BRT) in Afghanistan?

A) To tax employees' salaries

B) To tax rental income

C) To tax business income from sales and services

D) To tax foreign investments

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8. If a company’s assets are $100,000 and liabilities are $40,000, what is its equity?

A) $140,000

B) $60,000

C) $40,000

D) $100,000

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9. Which account type increases with a debit and decreases with a credit?

A) Liabilities

B) Revenues

C) Assets

D) Equity

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10. In Afghanistan, what percentage of rental income is typically required to be paid as rental tax by the property owner?

A) 5%

B) 10%

C) 15%

D) 20%

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11. What is the purpose of filing an annual tax return in Afghanistan?

A) To report and calculate income tax owed based on yearly earnings

B) To report only corporate expenses

C) To apply for tax exemptions

D) To record rental income alone

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12. In which financial statement would you find the company's retained earnings?

A) Balance Sheet

B) Income Statement

C) Statement of Cash Flows

D) Trial Balance

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13. In Afghanistan, how often must companies file their Business Receipt Tax (BRT) returns?

A) Monthly

B) Quarterly

C) Annually

D) Every six months

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14. Which of the following best describes the purpose of Vendor Tax in Afghanistan?

A) To tax the wages paid to employees

B) To tax foreign entities for doing business in Afghanistan

C) To tax payments made to vendors and contractors to ensure compliance and income reporting

D) To tax rental income from property owners

Your score is

The average score is 57%

Stay tuned and Happy International Accounting Day!

Month: November 2024

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International Accounting Day

Celebrate International Accounting Day with Fanoos Accounting Services!