This quiz works best with JavaScript enabled. Home > Accounting > Financial Accounting > Financial Accounting – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Goods and Services are Transferred from one department to another department is known as A) Intra Department Transfer. B) Inside Department Transfer. C) Department Transfer. D) Inter Department Transfer. Show Answer Correct Answer: D) Inter Department Transfer. 2. Reports that summarize changes that result from business transactions during an accounting period. A) Trial balance. B) General ledger. C) Financial statements. D) Journal. Show Answer Correct Answer: C) Financial statements. 3. Work in progress is the: A) Sales less cost of goods sold. B) Sales plus cost of goods sold. C) Value of finished goods on hand. D) Value of partly finished goods. Show Answer Correct Answer: D) Value of partly finished goods. 4. A disbursement journal is a summary of A) All daily transactions. B) Refunds. C) Patient receipts. D) Accounts paid out. Show Answer Correct Answer: D) Accounts paid out. 5. In case of Hire Purchase ownership passes at the time of sale. A) True. B) False. Show Answer Correct Answer: B) False. 6. Carriage outwards account will appear on the A) Debit side of trading account. B) Credit side of trading account. C) Debit side of profit and loss account. D) Credit side of profit and loss account. Show Answer Correct Answer: C) Debit side of profit and loss account. 7. Receipts or increases in cash A) Source. B) Use. C) WT$. D) Liability. Show Answer Correct Answer: A) Source. 8. Records revenue before payment is received A) Accrual Accounting. B) Cash Accounting. Show Answer Correct Answer: B) Cash Accounting. 9. Management accounting, or controlling (CO), is intended primarily for audiences outside the organization A) True. B) False. Show Answer Correct Answer: B) False. 10. The remaining equipment is IDR 500, 000, in the Trial Balance there is an Equipment account IDR 800, 000 A) Supplies (D) Rp. 300, 000 Supplies Expense (K) Rp. 300, 000. B) Supplies Expense (D) 500, 000 Supplies (K) Rp. 500, 000. C) Supplies (D) Rp. 500, 000 Supplies Expense (K) Rp. 500, 000. D) Supplies Expense (D) Rp. 300, 000 Supplies (K) Rp. 300, 000. Show Answer Correct Answer: D) Supplies Expense (D) Rp. 300, 000 Supplies (K) Rp. 300, 000. 11. There is no difference between instalment purchase and credit sale A) False. B) True. Show Answer Correct Answer: A) False. 12. Which of the following accounts would NOT appear in a closing entry? A) Salary expense. B) Interest income. C) Accumulated depreciation. D) Retained earnings. Show Answer Correct Answer: D) Retained earnings. 13. The transfer of goods between department is recorded by debiting A) The receiving department and crediting the giving department. B) The giving department and crediting the crediting the receiving department. C) Stock account and crediting Trading account. D) Trading account and crediting purchases account. Show Answer Correct Answer: A) The receiving department and crediting the giving department. 14. Allocation of costs obtained from natural sources during certain resource utilization periods, namely A) Depreciation. B) Amortization. C) Depletion. D) Acquisition cost. E) Goodwill. Show Answer Correct Answer: C) Depletion. 15. Lona wants to a buy raincoat for her goat. If the raincoat costs $ 39.99 and has a sales tax rate of 7%. What will be the FINAL PRICE (with tax) of the raincoat? A) $ 42.79. B) $ 42.78. C) $ 2.80. D) $ 2.79. Show Answer Correct Answer: A) $ 42.79. 16. ..... are non-cash expenses that are created by accountants to spread out the cost of capital assets. A) Depreciation. B) Interest. C) Provisions. D) None of above. Show Answer Correct Answer: A) Depreciation. 17. Terms for when payments for merchandise to be made, agreed on by buyer and seller. A) Invoice. B) Credit Terms. C) Credit Period. D) Sales Discount. Show Answer Correct Answer: B) Credit Terms. 18. Pay attention to the following data:Beginning inventory 1, 000 kg @ Rp. 3, 000 Purchase I 5, 000 kg @ Rp. 3, 500 Sales I 3, 000 kg Purchase II 2, 000 kg @ Rp. 3, 750 Sales II 2, 500 kg If using the FIFO method, the ending inventory value is..... A) Rp 7.500.000. B) Rp 8.200.500. C) Rp 8.500.170. D) Rp 9.250.000. Show Answer Correct Answer: D) Rp 9.250.000. 19. ..... is the discount received from suppliers for prompt payment of our accounts A) Discount allowed. B) Discount received. C) Sales. D) Creditor. Show Answer Correct Answer: B) Discount received. 20. Governed by the Civil Code of the Philippines. A) Sole Proprietorship. B) Partnership. C) Corporation. D) None of above. Show Answer Correct Answer: B) Partnership. ← PreviousNext →Related QuizzesAccounting QuizzesFinancial Accounting Quiz 1Financial Accounting Quiz 2Financial Accounting Quiz 3Financial Accounting Quiz 4Financial Accounting Quiz 5Financial Accounting Quiz 6Financial Accounting Quiz 7Financial Accounting Quiz 8Financial Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books