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Financial Accounting Quiz 36 (30 MCQs)

Quiz Instructions

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1. What are the basic financial statements in financial accounting?
2. Accounting provides financial information about a business to stakeholders of business:
3. ..... is the inflow of moneyfrom ordinary trading activities, e.g. cash sales, credit sales, charges/fees and royalties.
4. Which form of business creates a separate business entity?
5. Cost Classification
6. Which user has the need of financial reporting to assess the company's ability to pay its employees increased salaries?
7. ..... is the properties or resources of a business organization
8. Deferred revenue expenditure is current year's revenue expenditure to be paid in the later years.
9. Below are example of cash except for:
10. A customer saw a carpet in 2017 and said she might well buy it. She telephoned in 2018 and asked for the carpet to be delivered. The item was not treated as a sale in 2017 but was treated as a sale in 2018. What accounting concept is being applied?
11. Returns Outwards
12. (k) ..... :is used in a transaction that increases a customer's funds. Stated differently, a credit memorandum refers to an increase in a deposit account balance, such as a deposit made to the account.
13. Capital of NPO is generally known as:
14. Which of the following groups has only external users of accounting information?
15. When a company issues stock with a par value, what columns are typically presented in the statement of stockholders' equity?
16. Identify the objective behind the formulation of National Jute Policy, 2005.
17. 1 Pak Darmawan has a trademark that is quite popular with the public. Pak Darmawan is often the main sponsor of sporting events so that Pak Darmawan's products sell well in the market and the company's financial impact is growing. From the illustration of Mr. Darmawan's company, what type of assets do you mean.....
18. Which of the following accounts will be credited on giving cash donation?
19. Which of the following best represents a current liability
20. What is the priority in financial accounting?
21. In what circumstances is compensation expense immediately recognized under a share option plan?
22. The party who receives the goods in a consignment sale is called.....
23. A list of all accounts used by a company, including the identification number assigned to each account, is called a:
24. Goodwill is a fictitious asset.
25. To which sector does the textile industry belong to?
26. Which statement is true about liquidity? Prepaid rent is
27. Rent paid to landlord is Debited to
28. Rent paid is related to:
29. The trading account is the first section of the P&L account and shows the difference between a firm's sales revenue (the valueof products sold to customers) and its costs of producing or purchasing those products to sell. Hence, the trading accountshows the gross profit of a firm.
30. Alfredo received his bank statement which showed a balance of $ 937 overdrawn. This did not agree with his cash book.On investigation he noted the following.Bank charges of $ 76 had not been entered in the cash book.There was an unpresented cheque paid to suppliers of $ 214.Alfredo had recorded $ 35 cash paid into his bank account, but this was not showing on the statement.At which value was the bank overdraft shown in the statement of financial position?
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