This quiz works best with JavaScript enabled. Home > Accounting > Financial Accounting > Financial Accounting – Quiz 52 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 52 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In a not-profit making organization, the cash book is referred to as A) Income and expenditure account. B) Receipts and payments account. C) Two column cash book. D) Petty cash book. Show Answer Correct Answer: B) Receipts and payments account. 2. It is known that PT M2M has several debtors with receivable balances as of November 30 2018, such as PD Ngentak IDR 2, 000, 000, PD Ngijon IDR 5, 000, 000, and PD Gedongan IDR 3, 000, 000. During December 2019, there was a PD Ngijon transaction, on December 2 2019, receiving payment for an invoice from PT Ngijon to PT M2M amounting to IDR 2, 000, 000. The balance on the PT M2M receivable card is A) (D) IDR 3, 000, 000. B) (D) IDR 2, 000, 000. C) (K) IDR 3, 000, 000. D) (D) IDR 5, 000, 000. Show Answer Correct Answer: A) (D) IDR 3, 000, 000. 3. Double entry accounting means debits will equal liabilities A) True. B) False. Show Answer Correct Answer: B) False. 4. A balance sheet lists: A) The types and amounts of the revenues and expenses of a business. B) Only the information about what happened to equity during a specific time period. C) The types and amounts of assets, liabilities, and equity of a business at a specific date. D) The inflows and outflows of cash during a specific time period. E) The assets and liabilities of a business but not the equity. Show Answer Correct Answer: C) The types and amounts of assets, liabilities, and equity of a business at a specific date. 5. How many methods are used to maintaining capital accounts of the Partners A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: B) 2. 6. *The balance sheet displays the company's total assets, and how these assets are ....., through either debt or equity. A) Financed. B) Used. C) Shared. D) Classified. Show Answer Correct Answer: A) Financed. 7. This type of accounting is used to assess the past financial performance of a business A) Management Accounting. B) Financial Accounting. Show Answer Correct Answer: A) Management Accounting. 8. What are the advantages of the fair value measurement method? A) The information provided will be more suitable than the original price for users. B) Provide verifiable information. C) Create consistency in recording the value of assets or liabilities. D) Honestly reflect the values of transactions occurring. Show Answer Correct Answer: A) The information provided will be more suitable than the original price for users. 9. How is Prime Cost calculated on a manufacturing account? A) Prime Cost = Direct Materials + Direct Wages + Direct Expenses. B) Prime Cost = Direct Materials-Direct Wages-Direct Expenses. C) Prime Cost = Direct Materials x Direct Wages. D) Prime Cost = Direct Materials / Direct Expenses. Show Answer Correct Answer: A) Prime Cost = Direct Materials + Direct Wages + Direct Expenses. 10. Which of the following is a current asset? A) Cash at the bank. B) Cash in hand. C) Money at the credit union. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. Reserve for Discount on Creditors has a credit balance. A) True. B) False. Show Answer Correct Answer: B) False. 12. A balance sheet reports financial information for a specific date. A) True. B) False. Show Answer Correct Answer: A) True. 13. Which side of a ledger account is known as the CREDIT side? A) Right-hand side. B) Left-hand side. C) Top side. D) Bottom side. Show Answer Correct Answer: A) Right-hand side. 14. Marked applications refers to A) Applications bearing the stamp of the underwriters. B) Applications carrying the signatures of public who applied for shares. C) Applications carrying the stamp of company which offered the shares. D) Application bearing Government stamp. Show Answer Correct Answer: A) Applications bearing the stamp of the underwriters. 15. Receipt and Payment Account is ..... A) Real Account. B) Personal Account. C) Nominal Account. D) None of above. Show Answer Correct Answer: A) Real Account. 16. ..... is the blending together two or more existing companies into one A) Combination. B) Amalgamation. C) Purchase of business. D) Blending. Show Answer Correct Answer: B) Amalgamation. 17. Which one of the following agencies markets steel for the public sector plants? A) HAIL. B) SAIL. C) Tata Steel. D) MNCC. Show Answer Correct Answer: B) SAIL. 18. How many account for each partner According to Fixed Capital Account Method A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: B) 2. 19. Which one of the following public sector plants is located in Chhattisgarh? A) Bokaro Steel plant. B) Bhilai Steel Plant. C) Durgapur steel plant. D) Rourkela steel plant. Show Answer Correct Answer: B) Bhilai Steel Plant. 20. Salary is an example of A) Direct expense. B) Indirect expense. C) Both direct and indirect expenses. D) Capital expense. Show Answer Correct Answer: A) Direct expense. ← 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