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Financial Accounting Quiz 19 (30 MCQs)

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1. Calculate the income tax for the year 2021. (Question 2)
2. Which process explains that financial statements are analysed and the results of the analysis are used as a guidance to make decision?
3. On June 1, 2020, Susi acquires 100% of Kiki for $ 80, 000. On this date, Kiki had assets of $ 50, 000. Assume the book value and fair value of Kiki's net assets were equal at the acquisition date. What is the record at Kiki when acquired by Susi?
4. The Unrealised profit in Closing stock is transferred to Which Account?
5. Which of the following is already recorded in the Cash at Bank account but not in the Bank Statement?
6. The accounting process is used to analyze and record transactions in a hospitality operation.
7. ALL OF THE FOLLOWING ARE COMPONENTS OF INCOME OR LOSS FROM CONTINUING OPERATIONS, EXCEPT:
8. Accounting used by business and non business class both
9. Huge advertising expenses are incurred to introduce a new product in the market, it is
10. The items raw materials inventory, work-in-progress inventory and finished goods inventory are MOST likely seen together on the balance sheet of a
11. A control account is
12. Cash used to finance relatively small and inefficient expenses using checks is the definition of.....
13. John Keneth's Barber Shop started the year with total assets of $ 60, 000 and total liabilities of $ 40, 000. During the year the business recorded $ 100, 000 in car repair revenues, $ 55, 000 in expenses, and dividends of $ 10, 000. The net income reported by John Keneth's Barber Shop for the year was .....
14. All properties and services acquired by the business must be recorded at their original acquisition cost. This principle pertains to .....
15. A public limited company is allowed to start business after receipt of
16. This type of accounting is used to control the costs of the business
17. On October 1, Green Company purchased P6, 000 worth of goods on terms of 2/15, n/30. Freight of P500 was prepaid by the seller under the term FOB shipping point, goods worth P1, 000 were returned and the account was paid October 3. How much discount was received from the seller?
18. Only current year income and expenses are recorded in Income and Expenditure account
19. Failure to make an adjusting entry to recognize accrued salaries payable would cause which of the following?
20. Expenses incurred by branch out of petty cash balance are debited to branch account by the head office.
21. Object to keep fixed assets is
22. Internal stakeholders can use final accounts to manage the business and to aid strategic decision-making.
23. Generally incomplete records are maintained by
24. Liability of partners is unlimited in case of general partnership whereas it is limited incase of Limited Liability Partnership.
25. If one aspect of a transaction is not recorded, which accounting concept is violated?
26. When the capitalization of profits method is used then the value of goodwill on the basis of future maintainable profits is more than that of on the basis of super profits.
27. Shows the change in an owner's or shareholder's equity throughout an accounting period.
28. A small neighborhood barber shop that is operated by its owner would likely be organized as a
29. What is the normal balance for assets?
30. What is included in the income statement in worksheet?
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