This quiz works best with JavaScript enabled. Home > Accounting > Financial Accounting > Financial Accounting – Quiz 59 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 59 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does GST stands for A) Grocery service tax. B) Goods and service tax. C) Goods and sustainability tax. D) Good stuff tax. Show Answer Correct Answer: B) Goods and service tax. 2. How do you calculate the breakeven point? A) Fixed cost / contribution per unit. B) Fixed cost + variable cost. C) Contribution / Variable cost per unit. D) None of above. Show Answer Correct Answer: A) Fixed cost / contribution per unit. 3. In comparison to common stockholders preferred stockholders generally: A) Get paid dividends first. B) Have no voting rights. C) Have first right to company assets in case of bankruptcy. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. Purchase price of the ship = 10, 00, 000-Years of life of the ship = 16, Duration of voyage = 45 days A) Rs. 7, 705-. B) Rs. 6, 250-. C) Rs. 4, 500-. D) Rs. 7, 205-. Show Answer Correct Answer: A) Rs. 7, 705-. 5. The process of recording financial data up to trial balance is A) Book keeping. B) Classifying. C) Summarising. D) Analyzing. Show Answer Correct Answer: A) Book keeping. 6. The car was purchased in August 2017 for Rp. 200, 000, 000. until June 30 2018, Rp. 10, 000, 000. on September 3 2018 it was exchanged for a new car of the same type at a price of Rp. 240, 000, 000. at the time of exchange cash of IDR was handed over. 55, 000, 000. record the transaction in the journal ..... A) Car(new) Rp. 240, 000, 000 Akm. Car cost Rp. 10, 000, 000 Car exchange loss Rp. 5, 000, 000 Car (old) Rp. 200, 000, 000 Cash Rp. 55, 000, 000. B) Car Rp. 240, 000, 000 Cash Rp. 240, 000, 000. C) Car (old) Rp. 200, 000, 000Cash Rp. 55, 000, 000 Car (new) Rp. 240, 000, 000 Akm. Car cost Rp. 10, 000, 000 Car Exchange Losses Rp. 5, 000, 000. D) Car (old) Rp. 200, 000, 000 Cash Rp. 55, 000, 000 Car (new) Rp. 240, 000, 000 Akm. Car cost Rp. 10, 000, 000 Profit from car exchange Rp. 5, 000, 000. Show Answer Correct Answer: A) Car(new) Rp. 240, 000, 000 Akm. Car cost Rp. 10, 000, 000 Car exchange loss Rp. 5, 000, 000 Car (old) Rp. 200, 000, 000 Cash Rp. 55, 000, 000. 7. In accounting, the phrase to "to recognize" means (choose the incorrect statement) A) To record. B) To journalize. C) To include in the totals of the balance sheet or income statement. D) To say "hi.". Show Answer Correct Answer: D) To say "hi.". 8. Calculate the Units available for Sale and the Goods available for sale ($ ) using the following information:Purchases:Jan:8 units @ $ 140; Feb:10 @ $ 135; March:13 @ $ 130; April:15 @$ 120; May:8 @ $ 115. A) 50 units/$ 5, 400. B) 76 units/$ 8, 740. C) 64 units/$ 7, 890. D) 54 units/$ 6, 880. Show Answer Correct Answer: D) 54 units/$ 6, 880. 9. Unmarked 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: B) Applications carrying the signatures of public who applied for shares. 10. ..... is the book of original or prime entry which is used for recording small disbursement or expenses (a) (b) (c) (d) A) Cash book. B) Petty cash book. C) Trial balance. D) Bank statement. Show Answer Correct Answer: B) Petty cash book. 11. Incomes are debited A) True. B) False. C) Partially True. D) None of the above. Show Answer Correct Answer: B) False. 12. If average total assets increase, but net income, net sales and average stockholders' equity remain the same, what is the impact on the return on assets ratio? A) Increases. B) Decreases. C) Remains the same. D) Cannot be determined without additional information. Show Answer Correct Answer: B) Decreases. 13. Net Revenue means all proceeds from the sale of goods and services excluding the ..... A) Profit. B) Cost of goods sold. C) Returns. D) SG & A expenses. Show Answer Correct Answer: C) Returns. 14. The hire purchase system is regulated by the Hire purchase Act ..... A) 1970. B) 1971. C) 1972. D) 1973. Show Answer Correct Answer: C) 1972. 15. SKPD A) Regional Apparatus Performance Unit. B) Regional Work Unit. C) Regional Government Work Unit. D) Regional Government Performance Unit. Show Answer Correct Answer: B) Regional Work Unit. 16. All the following are non manufacturing cost except A) Selling expenses. B) Direct expenses. C) Distribution expenses. D) Administration expenses. Show Answer Correct Answer: B) Direct expenses. 17. Zang Company had no office supplies on hand at the beginning of the year. During the year, the company purchased $ 250 worth of office supplies. At the end of the year, $ 50 worth of office supplies were on hand. How much should Zang Company report as office supplies expense for the year? A) $ 75. B) $ 325. C) $ 200. D) $ 175. E) $ 125. Show Answer Correct Answer: C) $ 200. 18. The unrealised profit in opening stock is transferred to which account which side? A) Debit Side of General Profit and Loss Account. B) Credit Side of General Profit and Loss Account. C) Assets Side of Balance Sheet. D) Liability Side of Balance Sheet. Show Answer Correct Answer: B) Credit Side of General Profit and Loss Account. 19. Which of the following documents sets out the internal regulations of a partnership? A) Law. B) Deed. C) Regulation. D) Code. Show Answer Correct Answer: B) Deed. 20. Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept: A) Adequate Disclosure. B) Going Concern. C) Objective Evidence. D) Accounting Period Cycle. Show Answer Correct Answer: D) Accounting Period Cycle. ← 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