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Financial Accounting Quiz 33 (30 MCQs)

Quiz Instructions

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1. Does an increase in gross profit have to equate to an increase in gross margin?
2. Assets that has useful life more than a year is
3. Selling expenses
4. Cornhusker Supplies Inc. purchased a 12-month insurance policy on March 1, 2020 for $ 2, 640. At March 31, 2020, the adjusting journal entry to record expiration of this asset will include a
5. A company prepares financial statements to 31st December 2014. The accounts are to be approved by the Board of Directors on 4th March 2015. On 22nd January 2015 an item of equipment shown as an asset in the Statement of Financial Position at 31st December 2014 was sold. According to FRS 102-section 32 "Events After the end of the Reporting Period" :
6. A company purchased a an equipment on January 1 for $ 5, 400. This register has a useful life of 10 years and a salvage value of $ 400. What would be the depreciation expense for the second-year of its useful life using the double-declining-balance method?
7. Transferring information from a journal entry to a ledger account (p. 98)
8. In the trial balance as of December 31, 2000, the prepaid rent account shows IDR 1, 800, 000 for 1 year's rent, starting from October 1, 2000. The adjusting entries for the transactions mentioned above are:
9. Insurance Claim Received on account of plant and machinery completely damaged by fire is a capital receipt
10. Interest is the cost of
11. Correct form of Accounting Equation is?
12. A decrease in Owner's Equity is recorded by a ..... entry in the account.
13. Final account includes
14. Which statement contains all of the following-asset, liability, and equity?
15. How many account for each partner According to Fluctuating Capital Account Method
16. The long-term debts or financial obligations that are listed on the SOFP of a company.
17. Interest expense in relation to issued bonds was recognized using:
18. Which of the following is not used for determining working capital?
19. A sole trader purchased goods in cash worth N2, 000 at 2% discount and made a cash sale of N 1, 000 at the same rate of discount. Determine the amount of discount allowed.
20. Who is wrong in case of preference shares?
21. Which of the following is not an objective of financial reporting?
22. Rules for Real Account is
23. A business is a going concern if it does not plan to go bankrupt and liquidate its assets
24. In case of trading concern, cost of goods sold and cost of sales are same.
25. Has unlimited personal liability.
26. When cash is received or paid in advance before a service is provided is considered?
27. Buildings-2, 50, 000. Calculate Depreciation on Buildings at 10%.
28. P. Hawk has a manufacturing business. The cost of his raw materials is $ 1 900. Rates and rent total $ 2 000 and factory wages amount to $ 2 500. The number of units produced is 1 640. What is the cost of producing ONE unit?
29. The branch of accounting that generates reports and information for the use of internal management is known as:
30. The enforcement of the Financial Reporting Act 1997 took place on 9 March 1997, giving rise to the establishment of both the Malaysian Accounting Standards Board (MASB) and the Financial Reporting Foundation (FRF).
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