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Financial Accounting Quiz 59 (30 MCQs)

Quiz Instructions

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1. A dealer dealing in furniture business purchased furniture, recorded in furniture account.
2. A decrease in Accounts Receivable is recorded by a ..... entry in the account.
3. Subscription in advance is treated in the Balance Sheet of non-profit making organisations as
4. All are advantages of amalgamation EXCEPT
5. Journal entries are required by the depositor for all of the following except
6. Which of the following assets is not depreciated?
7. The party responsible for all costs from delivery until the goods are successfully sold is called.....
8. All donations received by a non trading concern are entered in the liability side of the balance sheet
9. The debit side of petty cash book is for
10. Receipt and Payment Account generally shows:
11. On December 2 2018, PT M2M received PD Ngijon's receivables of IDR 1, 500, 000 and on January 1 2019, PD Ngijon's receivables were written off because the owner died amounting to IDR 1, 500, 000. The correct recording of a receivable write-off is.....
12. Discuss the concept of trial balance in double-entry accounting.
13. Which of the following statements about provisions and contingencies is/are correct? 1-A company should disclose details of the change in carrying amount of a provision from the beginning to the end of the year. 2-Contingent assets must be recognized in the financial statements in accordance with the prudence concept. 3-Contingent liabilities must be treated as actual liabilities and provided for if it is probable that they will arise.
14. On January 1, 2012, Christian Company sold a machine with a carrying amount of P300, 000 and a carrying amount of P300, 000 and accepted in exchange a promissory note with a face value of P500, 000, a due date of December 31, 2021, and a stated rate of 4%, with interest receivable at the end of each year. The fair value of the machine is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 8%. The interest income to be recognized in 2017 is
15. Cash, being an asset is always said to have
16. The Statement of Comprehensive Income shows information on an entity's financial position during the period.
17. In which sector are the manufacturing industries placed?
18. Government, Tax authority, future investors are the
19. A cashbook which records cash, bank and discount is called a ..... cashbook.
20. If a check correctly written and paid by the bank for $ 724 is incorrectly recorded on the company's books for $ 742, the appropriate treatment on the bank reconciliation would be to
21. Cash belongs to which account under accounting system?
22. The discount on the credit side of a triple column cashbook is called .....
23. What is the break-even point in units for company where total fixed costs are $ 275, 450selling price per units $ 16 variable cost per unit is $ 14.75
24. WHICH ASSET GENERALLY IS REQUIRED TO BE TESTED AT LEAST ANNUALLY FOR IMPAIRMENT?
25. A list of assets, liabilities, and owner's equity as of a specific date:
26. Two sets of standards accepted for international use are:
27. Which of the following is part of the double entry system in Accounting?
28. For a service business, the revenue reported on an income statement is often compared to two items:total expenses and net income.
29. Assets = Liabilities + Equity
30. Vice president of finance
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