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Financial Accounting Quiz 27 (30 MCQs)

Quiz Instructions

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1. Legal form of business that faces financing problems because of the enterprise's limited ability to raise capital.
2. Generally the minimum rent is ..... when there is strike
3. Which of the following is the example of internal users
4. Journal entry will be made on returning the amount of rejected applications-
5. Examples of Liabilities include which of the following:
6. Whcih of the following consist of only assets?
7. An outstanding check is one that has been issued but not yet reported on a bank statement.
8. What is the main objective of financial accounting?
9. IAS 10 Events after the reporting period regulates the extent to which events after the reporting period should be reflected in financial statements. Which one of the following lists of such events consists only of items that, according to IAS 10, should normally be classified as non-adjusting?
10. Revenues earned during an accounting period are compared with the expenditure incurred during the same period for earning that revenue is explained by ..... concept
11. Choclate Chews Company gathered the following reconciling information in preparing its August bank reconciliation:Cash balance per books, 8/31 $ 15, 900Deposits in transit 900Notes receivable and interest collected by bank 8, 400Bank charge for check printing 120Outstanding checks 12, 000NSF check 1, 200The adjusted cash balance per books on August 31 is
12. The amount a business earns by selling goods or services to its customers.
13. Generally a Journal is divided
14. Down payment is the payment made
15. Which of the following best describes bookkeeping?
16. In the trial balance there is an Insurance Expense account amounting to IDR 3, 600, 000.00 in debit. The insurance was paid on March 1 2014 for 2 years. The adjusting entry as of December 31, 2014 is.....
17. The extra cost a business pays for another business for beginning unusually profitable.
18. An account is a summary of ..... at one place relating to a particular head
19. Which of the following includes ONLY Current Liabilities include
20. Under the debtors system in branch a/c, credit sales are
21. Financial Statements of a firm are prepared every year on 31st March, according to which concept?
22. S Company sold merchandise to B Company on October 6, 2018 at a list price of P150, 000, trade discounts of 5% and 8%, FOB shipping point. Cash discount terms:2/eom, n/60. Because defective merchandise amounting to P10, 000 was erroneously delivered, S Company issued a credit memorandum to the buyer on October 11, 2018. B Company paid in full the balance due on October 25, 2018. The invoice price of goods purchased on October 6, 2018 is:
23. How do we calculate Total Assets?
24. Prepaid rent on September 30, 2021 was recorded as prepaid rent of Rp. 9, 000, 000 for a period of 10 months. The correct adjusting entry on December 31, 2021 is.....
25. Which of the following is NOT part of the accounting process?
26. Financial accounting is governed by
27. Current Assets-Current Liabilities =? Helps to determine if a company can pay its liabilities.
28. In Malaysia, which regulatory body oversees the regulation and supervision of companies listed on the stock exchange (Bursa Malaysia)?
29. Under instalment payment system the seller treats the transaction as a
30. The rental income that still needs to be received as of December 31 is IDR 10, 000, 000
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