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Financial Accounting Quiz 83 (20 MCQs)

Quiz Instructions

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1. The following users are the internal users of accounting except
2. Arithmetical checking of double-entry bookkeeping is known as?
3. Inventory is harder to liquidate therefore it is eliminated from this ratio.
4. Store manager
5. Bad debts are apportioned among departments in the proportion of sales of each department.
6. Regular price:$ 174. Discount:40%. Find the sale price. Round to nearest cent if necessary.
7. Accounting Information System include
8. All expenses must be recorded in ..... side of trial balance
9. An endorsement on the back of a check consisting only of a signature is a(n)
10. The total of cash and other assets put into the business by the owner.
11. If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in .....
12. The main financing source of public sector is
13. Financial accounting (Fl) is concerned with recording the financial impacts of business processes as they are executed.
14. Levies charged when purchasing cigarettes
15. A present economic resource controlled by the entity as a result of past events is .....
16. Dual aspect concept results in the accounting equation
17. One purpose of accounting information is to help certain users make decisions and plans for the business and to exercise control so that the plans come to fruition. Which one of the following user groups is most likely to use accounting information for this purpose?
18. Carriage outward is recorded in
19. A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year.
20. ..... is the process of recording, in sequential order, the daily transactions of a business entity.
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