This quiz works best with JavaScript enabled. Home > Accounting > Financial Accounting > Financial Accounting – Quiz 62 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 62 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. All the factors that influence financial reporting practices in Malaysia except A) Legal system. B) Tax laws. C) Educational system. D) Culture. E) Foreign currency. Show Answer Correct Answer: E) Foreign currency. 2. Are paid on many sources of income you might earn, like the taxes taken directly from your paycheck. A) Income Taxes. B) Personal Taxes. C) Safe Taxes. D) Sales Tax. Show Answer Correct Answer: A) Income Taxes. 3. A book or set of electronic files that contains the accounts used for a business. A) Journal. B) Trial balance. C) General ledger. D) Worksheet. Show Answer Correct Answer: C) General ledger. 4. The original cost of a plant asset minus accumulated depreciation. A) Assessed value. B) Half-year convention. C) Current asset. D) Book value of a plant asset. Show Answer Correct Answer: D) Book value of a plant asset. 5. Hybrid Basis of Accounting is the combination of both Cash as well as Accrual basis. A) True. B) False. Show Answer Correct Answer: A) True. 6. What is the amount of the monthly IRPP for an annual taxable net amount to:31297.97024 A) 592.946. B) 692.946. C) 492.946. D) 792.946. Show Answer Correct Answer: A) 592.946. 7. Manufacturing companies prepares A) Manufacturing account. B) Trading account. C) Purchase account. D) None of above. Show Answer Correct Answer: A) Manufacturing account. 8. The expenses which are due but have not been paid are called A) Prepaid expenses. B) Advance expenses. C) Accrued expenses. D) Unincurred expenses. Show Answer Correct Answer: C) Accrued expenses. 9. Drawings account is related to ..... A) Nominal a/c. B) Personal a/c. C) Real a/c. D) None. Show Answer Correct Answer: B) Personal a/c. 10. The exclusive right to publish, perform, or reproduce music, art, film, books, or software. A) Copyrights. B) Patents. C) Trademarks. D) Goodwill. Show Answer Correct Answer: A) Copyrights. 11. Carriage inwards are A) Credited to the Trading Account. B) Debited to the Trading account. C) Credited to the Profit and Loss account. D) Debited to the Profit and Loss Account. Show Answer Correct Answer: B) Debited to the Trading account. 12. When the goods are returned by branch goods sent to branch account will be credited in the books of head office. A) True. B) False. Show Answer Correct Answer: B) False. 13. Financial statements are prepared in the following order A) Balance sheet, statement of changes in equity, income statement. B) Statement of changes in equity, balance sheet, income statement. C) Income statement, balance sheet, statement of changes in equity. D) Balance sheet, income statement, statement of changes in equity. E) Income statement, statement of changes in equity, balance sheet. Show Answer Correct Answer: E) Income statement, statement of changes in equity, balance sheet. 14. The loss on sale of furniture is debited to ..... account A) Profit and loss. B) Furniture. C) Depriciation. D) Trading. Show Answer Correct Answer: A) Profit and loss. 15. A dividend is the distribution of corporate profits to eligible shareholders A) True. B) False. Show Answer Correct Answer: A) True. 16. Item 20 refers to the following:Factory workers' wages-$ 2 250Direct materials-$ 3 200Factory lighting-$ 550Factory manager's salary-$ 2 400Indirect materials-$ 625 What is the total value of indirect expenses? A) $ 625. B) $ 2 950. C) $ 3 025. D) $ 3 575. Show Answer Correct Answer: D) $ 3 575. 17. On December 16, 20x1, Entity E hired a new staff with a monthly salary of $ 4, 600. Monthly salary is paid on the 15th of each month. Prepare journal entries on the following dates:December 31, 20x1 A) Salary Expense (D) 4600Salary Payable (K) 4600. B) Salary Payable (D2300 Salary Expenses) 2300. C) Salary Payble (D) 4600Salary Expense (K) 4600. D) Salary Expense (D) 2300Salary Payable (K) 2300. Show Answer Correct Answer: D) Salary Expense (D) 2300Salary Payable (K) 2300. 18. What does unlimited liability mean? A) You are responsible if the business fails. B) You are not responsible if the business fails. C) You can make an unlimited amount of money. D) It is hard to start a business. Show Answer Correct Answer: A) You are responsible if the business fails. 19. In the case of the death of the partner, accounting treatment will be similar to that of a retiring partner. A) True. B) False. Show Answer Correct Answer: A) True. 20. In a sales ledger control account, bad debts written off should be shown as ..... A) A debit. B) A balance carried down. C) A credit. D) Both a debit and a credit. Show Answer Correct Answer: C) A credit. ← 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