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Financial Accounting Quiz 13 (20 MCQs)

Quiz Instructions

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1. What is a cashbook?
2. Del credere commission is calculated on:
3. All the following accounts follow the principle of double entry except
4. If the month-end bank statement shows a balance of $ 58, 000, outstanding checks are $ 15, 000, a deposit of $ 7, 000 was in transit at month end, and a check for $ 600 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is
5. Number Processing Program
6. A decrease in Notes Payable is recorded by a ..... entry in the account.
7. The value of assets received or receivable as result of selling goods or services to customers is called:
8. Honour of a Bill means that the acceptor refuses to honour his commitment on due date and for this, payment of the bill on presentation does not take place.
9. Credit purchase of Plant & Machinery will be recorded in
10. Profit or loss made on sale of old assets is recorded in
11. Given the following data:Net Sales of P160, 000; Sales returns of P15, 000; Cost of Goods available for sale of 120, 000; Purchase returns of P20, 000. How much is the cost of goods sold if Gross profit is 30% of Net Sales.
12. Which of the following is related to Scientific system of maintaining account?
13. Which of the following material events after the reporting period and before the financial statements are approved by the directors should be adjusted for in those financial statements? 1-A valuation of property providing evidence of impairment in value at the reporting period 2-Sale of inventory held at the end of the reporting period for less than cost 3-Discovery of fraud or error affecting the financial statements 4-The insolvency of a customer with a debt owing at the end of the reporting period which is still outstanding
14. Switching accounting principles every year would violate the
15. Net income was $ 850, 000. Beginning and ending assets were $ 8, 500, 000 and $ 9, 600, 000, respectively. What was the return on assets (ROA)?
16. The current ratio is also known as the:
17. An entity purchased a property 10 years ago at a cost of $ 200, 000 and have been depreciating it at a rate of 2.5% per annum, on the straight-line basis. The entity have had the property professionally revalued at $ 250, 000What is the annual depreciation after the revaluation in respect of this property
18. The person who supplies goods to the business is ..... of the business
19. ..... account is credited when application money is transferred
20. Assets = Liabilities + Owner's Equity
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