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Financial Reporting Quiz 15 (20 MCQs)

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1. A company sold merchandise of $ 8, 000 to a customer in December. The company's sales terms require the customer to pay the company in 30 days. The company's income statement reported the sale in December. This is proper under which accounting principle/guideline?
2. Interest expense should be presented as.....
3. Which of the following is not a required financial statement according to IAS No. 1?
4. Asfa Bhd issued its annual financial reports within one month of the end of the year; this is an example of which ingredient of primary quality of accounting information?
5. Which of the following is not a major challenge facing the accounting profession?
6. The forms of information produced by accounting are:
7. Eesha, Elsie, and George are studying for their finance exam. They are discussing about a financial statement that provides information about a company's cash inflows and outflows. Can you tell them which statement it is?
8. Which of the following is not considered as an Outgo/Outflow in Income statement (Profit and Loss)?
9. A conceptual framework for financial reporting is:
10. Accounting harmonization is a process that reduces alternatives while retaining a high degree of flexibility in accounting practices.
11. Peterson's Piano Company would like to determine the gross profit for the past quarter. Per the general ledger, sales are equal to $ 2, 312, 350, beginning inventory is equal to $ 952, 000, net purchases are equal to $ 875, 200, and estimated ending inventory has been calculated to be $ 783, 650. Based on this information, what is Peterson's Piano Company's gross profit?
12. The characteristic of Malaysian Institute of Certified Public Accountant (MICPA) is as follow, except:i) Establish in 1958 as company limited guarantee ii) Establish in 1967 under accountants Act 1967 as private sector accountancy bodies iii) Its is regulations cover the practices of the whole accounting profession in Malaysia iv) Regulates the practice of its members who carry the title of certified public accountant (CPA)
13. The conceptual framework is a financial reporting standard
14. An accountant should record revenue as it is earned even if cash has not been received at the end of the accounting period. This statement complies with the .....
15. Emily, Benjamin, and Thomas are part of a school project where they have to analyze a company's financial health. They come across a document that shows the company's revenues and expenses during a particular period of time. What is this financial statement called?
16. A conversion of a face value $ 1 million convertible bond for $ 1 million of common stock would most likely be:
17. Jones Department Store has two divisions:the Men's Department and the Women's Department. The accountant is preparing interim reports for the company and is currently working on completing the worksheet. The Men's Department columns show a debit total of $ 435, 809 and a credit total of $ 387, 991. The Women's Department columns show a debit total of $ 375, 200 and a credit total of $ 410, 700. Based on this information, what is the departmental margin for the Women's Department?
18. A core objective of the International Organization of Securities Commissions is to:
19. Priya, Muhammad, and William are part of a school project where they have to analyze a company's financial health. They come across a document that shows the total amount of cash that has been generated and used by the company during a particular period of time. What is this financial statement called?
20. Decision usefulness is the underlying theme of the conceptual framework
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