This quiz works best with JavaScript enabled. Home > Accounting > Financial Accounting > Financial Accounting – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 35 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not an Asset account? A) Accounts Receivable. B) Unearned Revenue. C) Cash. D) Prepaid Expense. Show Answer Correct Answer: B) Unearned Revenue. 2. WHICH OF THE FOLLOWING MAYBE CONSIDERED AN SME IN THE PHILIPPINES? A) A BANK WITH TOTAL ASSETS OF P100, 000, 000. B) AN INSURANCE COMPANY WITH TOTAL LIABILITIES OF P230, 000, 000. C) A MANUFACTURING COMPANY WITH TOTAL ASSETS OF P500, 000, 000. D) A RETAIL COMPANY WITH TOTAL LIABILITIES OF P200, 000, 000. Show Answer Correct Answer: D) A RETAIL COMPANY WITH TOTAL LIABILITIES OF P200, 000, 000. 3. Depreciation is calculated on A) Asset. B) Liability. C) Capital. D) Closing Stock. Show Answer Correct Answer: A) Asset. 4. COST ACCOUNTING IS USEFUL TO A) CONTROLLING COST. B) ASCERTAINMENT OF FINANCIAL POSITION. C) FIND OUT PROFIT OR LOSS. D) ALL THE ABOVE. Show Answer Correct Answer: A) CONTROLLING COST. 5. Where is profit recorded A) Current Asset. B) Current liability. C) OE. D) Non current asset. Show Answer Correct Answer: C) OE. 6. A three column cash book contains column for A) Cash, assets and liabilities. B) Bank, cash and asset. C) Cash, bank and return. D) Discount, cash and bank. Show Answer Correct Answer: D) Discount, cash and bank. 7. Departments operate in the same building along with the main office A) Yes. B) No. C) None of the above. D) All of the Above. Show Answer Correct Answer: A) Yes. 8. Reducing balance method for depreciation is followed to have a uniform charge for depreciation and repairs and maintenance together. A) True. B) False. Show Answer Correct Answer: A) True. 9. What is the role of management in using financial accounting information? A) To only focus on short-term financial goals and ignore long-term implications. B) To rely solely on financial accounting information without considering other factors. C) To make informed decisions, monitor financial health, and communicate financial performance. D) To ignore financial information and make decisions based on intuition. Show Answer Correct Answer: C) To make informed decisions, monitor financial health, and communicate financial performance. 10. Identify the type of expenditure. Cost of rebuilding warehouse wall which had fallen down A) Capital. B) Revenue. Show Answer Correct Answer: B) Revenue. 11. A place or location within an accounting system in which the increases and decreases in a specific asset, liability, or equity item is recorded and stored is called a(n): A) Journal. B) Ledger. C) Trial balance. D) Account. E) Chart of accounts. Show Answer Correct Answer: D) Account. 12. Assume that Company ABC purchased real estate for cash of Rp. 500, 000, 000, -. On the land stood an old warehouse which had to be razed because it was not suitable for the company's intended use. After deducting the proceeds from the sale of the remains of the old building, ABC Company still had to spend Rp. 60, 000, 000, -. The notary fee is IDR. 10, 000, 000, -, and brokerage commission of Rp. 8, 000, 000, -which is also borne by the company. How to record the land purchase. A) Tanah 500.000 (K) Kas 500.000. B) Kas 500.000 (K) Tanah 500.000. C) Tanah 578.000 (K) Kas 578.000. D) Kas 578.000 (K) Tanah 578.000. Show Answer Correct Answer: C) Tanah 578.000 (K) Kas 578.000. 13. Bought a factory machine for Rp. 55, 000, 000, related additional costs include, VAT of Rp. 5, 500, 000, insurance premium of Rp. 550, 000 and machine installation costs of Rp. 1, 450, 000. then the purchase price is..... A) Rp. 62.500.000. B) Rp. 55.000.000. C) Rp. 65.500.000. D) Rp. 56.450.000. E) Rp. 55.550.000. Show Answer Correct Answer: A) Rp. 62.500.000. 14. A bank reconciliation statement is A) Part of the cash book. B) Part of Bank account. C) Part of financial statement. D) None of the above. Show Answer Correct Answer: D) None of the above. 15. Debenture Interest is A) A long term loan. B) Interest earned from a bank. C) A payment made to a shareholder. D) Interest paid on a debenture. Show Answer Correct Answer: D) Interest paid on a debenture. 16. Trading account is prepared to find out the Gross profit or Gross loss of the organization. A) True. B) False. Show Answer Correct Answer: A) True. 17. Module in MYOB to record cash receipt transactions A) Purchases. B) Sales. C) Banking. D) Inventory. Show Answer Correct Answer: C) Banking. 18. Which of the following is not an assets A) Buildings. B) Debtors. C) Loan from K Harris. D) Cash balance. Show Answer Correct Answer: C) Loan from K Harris. 19. What is the total cost with sales tax? Price $ 330.00 Tax 7% A) $ 360.00. B) $ 375.00. C) $ 353.10. D) $ 23.10. Show Answer Correct Answer: C) $ 353.10. 20. Tax on company profits A) Income tax. B) Inheritance tax. C) VAT. D) Corporation tax. Show Answer Correct Answer: D) Corporation tax. ← 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