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Accounting Quiz 14 (30 MCQs)

Quiz Instructions

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1. Characteristics of management accounting information include all of the following except
2. A document filed with the secretary of state or registrar to establish a company as a corporation, must detail the governance, structure, objectives, operations, as well as other major details of the company.
3. Internal users of accouting information are
4. Classification which means posting of journal entries of one nature at one place is done in book known as .....
5. Owner's Equity is made up of:
6. A business that performs an activity for a fee.
7. The cost of insuring the owner's personal motor vehicle was not included in the income statement of the business. Which accounting principle was applied?
8. What is owner's equity?
9. The state of being secret and/or kept secret
10. A non-current asset has been recorded in the accounts using it purchase price. This is ..... principle.
11. Krystel is an accountant who assisting clients and companies with their financial and income tax statements. She studied tax laws and is up-to-date with tax issues. Which branch of accounting does she fall under?
12. According to which principle the same accounting methods should be used each year:
13. An amount owed by a business.
14. Which of the following costs is recorded on the job cost sheet?
15. What is the classification of "cash? "
16. Carl purchased P50, 000 merchandise from Sartre with terms of 3/10, n/30. How much discount is Carl entitled to take if it paid within the allowed discount period of 10 days?
17. A company's senior and middle management use accounting information to:
18. As per dual aspects principle:
19. A source document is prepared for each transaction.
20. The manager of the business wrote on a piece of paper that utility expenses incurred by the business were paid the amount of P2, 222. The bookkeeper asked for the invoice evidencing the payment before recording it in journal.
21. When the book keeping system was introduced by Luca Pacioli
22. The account Accounts Receivable is an example of a(n)
23. Which of the following was created to help manage international accounting challenges in the global economy?
24. If you wanted to sign a check over to a friend, so they can cash it, you would use a:
25. Which of the following is NOT characteristics of company?
26. Which of the following is not a limitation of accounting?
27. Which of the following is true about certified public accountants (CPAs)?
28. (U.S. accounts receivable) the member of the accounting team who deals with sales, raises invoices and collects payment.
29. Which of the following groups makes regular use of a business's managerial accounting information:
30. The step-by-step process to record business activities and events to keep financial records up to date is .....
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