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Financial Accounting Quiz 22 (30 MCQs)

Quiz Instructions

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1. Calculate the total assets? Current Assets-$ 100.00Fixed Assets-$ 200Current Liabilities-$ 300Capital-$ 100
2. Explain the significance of the accounting equation in double-entry accounting.
3. FOB destination point means.....
4. The process of Writing Financial Transaction according to their nature is known as ..... ?
5. Which of the following questions will be asked by the owner when using the company's accounting information?
6. Limitations of Financial Accounting
7. The cost of goods sold (COGS) is the accountant's term for the direct costs of thegoods thatareactually sold, e.g. raw material costs
8. Sam Ryo is the proprietor (owner) of Sam's, a retailer of golf apparel. When recording the financial transactions of Sam's, Sam does not record an entry for a car he purchased for personal use. Sam took out a personal loan to pay for the car. What accounting concept guides Sam's behavior in this situation?
9. If I buy a machine from you under Higher Purchase System, I am called a .....
10. What is the main objective of managerial accounting?
11. Which of the following statements about contingent assets and contingent liabilities are correct? 1-A contingent asset should be disclosed by note if an inflow of economic benefits is probable. 2-A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made. 3-No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required. 4-No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote.
12. The act that repealed earlier ordinances and provide formal rules on accounting and requirement for true and fair view reporting.
13. Amitav purchased a van costing $ 20 000. He provided an old van with a net book value of $ 8 000 in part exchange. There was a profit on disposal of $ 1 500.What was the cash outflow arising from the purchase?
14. Purchasing an asset would be an example of
15. Which one of the following industries uses limestone as a raw material?
16. A financial ratio is a comparison between two components of financial information.
17. A person who woes money to the business is know as
18. Net profit formula is:
19. Describe the components of the statement of cash flows.
20. An asset account refers to money or financial obligations owed by the business.
21. Companies have ..... ?
22. Current Asset(s)
23. Owner's Contributions are the cash or assets removed from an event business
24. ALL OF THE FOLLOWING OCI ITEMS MAY NOT BE RECLASSIFIED TO PROFIT OR LOSS, EXCEPT:
25. What is the importance of financial statements for investors?
26. On November 9, 20x1, Entity G received $ 1, 200 from a subscriber to a magazine issued by the entity. Each issue of the magazine is published and sent to subscribers on the first day of each month. Prepare journal entries on the following dates:December 1, 20x1
27. If a bank agrees to lend a certain amount of money to a company using a bill of exchange that has been signed and has a maturity date, then the correct journal entry is.....
28. Which of the following could be a journal entry that increases equity for the Walt Disney Company?
29. Which of the following may be used to calculate the cost of production?
30. The act of buying an asset without having to make full payment in the immediate future is known as:
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