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Financial Accounting Quiz 2 (30 MCQs)

Quiz Instructions

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1. The ..... records daily transactions of a business in the order in which they occur
2. A written report which describes the financial health of a company. Examples include:balance sheet, income statement, statement of changes in owners equity
3. Royalty account is
4. Under hire purchase the buyer has the option to return the goods
5. The ..... method of depreciation assumes that the non current asset is used EVENLY throughout its useful life
6. Donations received for a special purpose will be taken to the
7. Transportation costs are borne by the buyer
8. Sold goods to Sahil for cash 1800, in this transaction sahil's A/c will be
9. The contract of insurance is a contract of guarantee.
10. "Business transaction derived from business documents", this describe which process of accounting?
11. A not-for-profit entity has all of the following characteristics except that it will
12. The accountant's word to indicate that an entry will be recorded on the left-side of an account is .....
13. Statement of affairs is prepared to
14. Audit of LLP is compulsory when .....
15. The money owed to a company for services rendered or goods purchased by customers on credit.
16. ..... is the total of the direct materials, direct labour and direct expenses. It is the cost of the essentials necessary for production.
17. A check returned by the bank marked "NSF" means
18. Which of the following departments does SEBI have?
19. Which inventory tracking method is more accurate?
20. A list of assets, liabilities and owners equity of a business enterprise as of a specific date is
21. Short-term debt investments must be readily marketable and expected to be sold within:
22. The CPA firm auditing Mason Street Recording Studios found that total stockholders' equity was understated and liabilities were overstated. Which of the following errors could have been the cause?
23. When cash is received, the account Cash will be
24. A person cannot act as an underwriter unless he holds a certificate granted by .....
25. The differences between credit sales and installment sales are, except.....
26. To have a debit, you must always have a credit
27. The Adequate Disclosure accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition.
28. The cash account shows a balance of $ 85, 000 before reconciliation. The bank statement does not include a deposit of $ 5, 000 made on the last day of the month. The bank statement shows a collection by the bank of $ 2, 400 and a customer's check for $ 680 was returned because it was NSF. A customer's check for $ 900 was recorded on the books as $ 1, 080, and a check written for $ 138 was recorded as $ 183. The correct balance in the cash account was
29. During January 2016, Ms. Nanaka borrowed RM4 million from Malaysia Bank. How would this affect Ms.Nanaka assets, liabilities and capital?
30. Received Rs 990 in full and final settlement of Rs 1000 rupees from Manoj.The difference of Rs 10 will be posted to
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