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Financial Accounting Quiz 13 (30 MCQs)

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1. Which book of original entry records the goods sold which are returned by the customers?
2. A corporation exercises control over an affiliate in which it holds a 25 percent common stock interest. If its affiliate completed a fiscal year profitably but paid no dividends, how would this affect the investor?
3. Carriage inwards should be apportioned on the basis of
4. The area of accounting that focuses on reporting information to internal users is called managerial accounting.
5. If Assets amounts to $ 1 500 and Liabilities amounts to $ 600, what is the amount for Capital?
6. Which is the best example of internal controls to ensure accurate financial records?
7. Which of the following items are fundamental qualitative characteristics of financial information
8. Expenses prepaid for future financial period-subtracted from expense in Income Statement and treated as a current asset in the Statement of Financial position
9. A strategy where a company tries to design and produce products or services that serve unique market needs, allowing it to charge premium prices, such as BMW or Nike is using which business strategy?
10. Income for which money has been received but has not been recognized as income in the relevant period is called.....
11. Interest on Capital is ..... to Capital
12. The ownership of goods under hire purchase agreement belongs to the
13. According to IAS 2 Inventories, which of the following costs should be included in valuing the inventories of a manufacturing entity?(1) Carriage inwards(2) Carriage outwards(3) Depreciation of factory plant(4) General administrative overheads
14. Which of the following accounts has a debit balance
15. Lease is an agreement between lessor and lessee for
16. The following is a statement showing the financial status of the company at any given time.
17. Which one of the following cites has emerged as a ' electronic capital of India'?
18. Which of the following groups/organisations would be interested in the accounting records of a business enterprise?
19. The basic approach(es) to recording economic activity is(are)
20. The non-government organization that researches and develops new accounting standards is .....
21. To increase the balance in the following accounts, would you debit the account or would you credit the account?Land
22. An increase in revenue or liability results in a debit posting.
23. Debentures represent
24. Below is the information about a company:Desa Berhad is a company incorporated in Malaysia that involved in providing telecommunication services. The company's shares are freely traded to the public. However, the company is not listed in any stock exchange market in Malaysia. Based on the above situation, Desa Berhad must comply with the following statutory regulation:
25. Closing stock appearing in the trial balance is shown
26. Income for which the money has not been received in cash but has been recognized as income for the period concerned
27. Plant Assets Costs for Buildings include all costs directly related to the purchase or construction, which include Purchase Costs and Construction Costs. Which is not the scope of purchase costs.
28. Which of the following is not used in solving problems of incomplete records?
29. The Matching Expenses with Revenue accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period.
30. An act of exchange of things or services between the two parties is termed as:
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