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Financial Accounting Quiz 39 (20 MCQs)

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1. Result of operation of the Business Activity
2. A
3. At 31 May 2016 Moo was being sued by a supplier over a disputed contractMoo's solicitors advise that the supplier is likely to be successful and that damages of $ 100, 000 will be awarded against themHow should this be dealt with in the accounts?
4. Name the account credited for credit purchases
5. Mirah Company compiled the following financial information as of December 31, 2020:Revenues $ 340, 000Owner's Capital (1/1/20) 140, 000Equipment 80, 000Expenses 240, 000Cash 90, 000Owner's Drawings 20, 000Supplies 20, 000Accounts payable 40, 000Accounts receivable 70, 000Mirah's assets on December 31, 2020 are
6. P. Hack has a manufacturing business. The cost of his raw materials is $ 1, 900. Rates and rent total $ 2, 000 and factory wages amount to $ 2, 500.The number of units produced is 640, What is the cost of ONE unit?
7. The expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called:
8. Diminishing balance method is proper for
9. In accordance with IAS 36 Impairment of Assets which of the following statements are true1. An impairment review must be carried out annually on all intangible assets.2. If the fair value less costs to sell of an asset exceed the carrying amount there is no need to calculate a value in use.3. Impairment is charged to the statement of profit or loss unless it reverses a gain that has been recognised in equity in which case it is offset against the revaluation surplus
10. Revenue = 1000Cost of Goods Sold = 200Expenses = 300Net Profit =?
11. Classification of industry based on source of raw material:
12. Opening Stock-47, 000:Purchases-48, 900:Wages-3, 500:Sales-1, 27, 000:Closing Stock-50, 000. Gross Profit-?
13. Office Salaries expense, rent expense, office supplies exp. are all included in
14. What are the key differences between financial accounting and managerial accounting?
15. On January 2 2011, ABC company purchased a machine for Rp. 100, 000, 000 with an economic life of 4 years. The machine has no residual value. What is the depreciation expense at the end of 2012 if you use the double declining balance method?
16. A record of all the transactions of a business.
17. This type of accounting is mainly for external users
18. In case of shortage, under stock and debtors system the profit element is debited to
19. Principle that says that statements must be presented honestly and accurately at all times.
20. In preparing its bank reconciliation for the month of April 2020, Sells, Inc. has available the following information.Balance per bank statement, 4/30/20 RM40, 290NSF check returned with 4/30/20 bank statement 1, 450Deposits in transit, 4/30/20 10, 200Outstanding checks, 4/30/20 15, 060Bank service charges for April 60What should be the adjusted cash balance at April 30, 2020?
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