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Financial Accounting Quiz 62 (30 MCQs)

Quiz Instructions

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1. What is the total cost with sales tax? Price $ 17.95 Tax 6%
2. Merchandise Inventory is classified as?
3. A person or entity that has an interest in the information that relates to the ability of the business to pay dividends.
4. The other items of income the business has received during the accounting year from sources other than buying and selling goods
5. Paid in advance should be shown at the ..... side
6. This document communicates what the entity owns in terms of assets, what it owes in the terms of liabilities, and the difference between those two which represents what the owners o the company are entitled to.
7. In recording trade receivables, proof of transactions is required. The following are errors in using proof of receivables transactions:
8. A record that shows the balance for a specific item, such as cash or equipment.
9. A contra account is an account linked with another account. It has an opposite normal balance and is a subtraction from that other account's balance. Example:Accumulated Depreciation
10. Sales are equal to Cost of Goods Sold + Gross Profit
11. What are the metrics commonly used in financial accounting:
12. Provide 12% interest on capital amounting to Rs.10, 00, 000. The journal entry is .....
13. A joint stock company can present its balance sheet
14. Assets = $ 10, 000, Liabilities = $ 8, 000, Owner's Equity =?
15. Closing inventory may be valued using first-in, first-out (FIFO) or average cost (AVCO). Which of the following statements is true assuming that prices have fallen throughout the year?
16. A financial accounting document is a general ledger account that consolidates data from a group of sub-ledger accounts, such as customers and vendors.
17. A motor van broke down in December 2017. The repair bill was not paid until 2018, yet it was treated as a 2017 expense. What accounting concept is being applied?
18. Shareholders, Managers, Creditors Governments
19. Assets will be recorded at full fair value even if the acquiring company only purchases 80% ownership in the company that owns the assets, called the.....
20. Retained Earnings is:
21. The closing inventory of Epsilon amounted to $ 284, 000 at 30 September 20X4, the statement of financial position date. This total includes two inventory lines about which the inventory taker is uncertain.(1) 500 items which had cost $ 15 each and which were included at $ 7, 500. These items were found to have been defective at the statement of financial position date. Remedial work after the statement of financial position date cost $ 1, 800 and they were then sold for $ 20 each. Selling expenses were $ 400.(2) 100 items which had cost $ 10 each. After the statement of financial position date they were sold for $ 8 each, with selling expenses of $ 150.
22. Which of the following description is more likely to reflect the characteristic of a joint venture?
23. A partnership exists between:
24. Revenues are matched with expenses in accordance with the matching principle.
25. How many schedules are there in the revised format of Final Accounts of a banking company?
26. What is the main purpose of financial accounting?
27. Owners drawings of goods will come in payments in Cash budget
28. , Mr. Hymawan paid off the debt for purchasing sacks of rice from Mr. Azra amounting to IDR 500, 000, then Mr. Azra's correct recording is.....
29. Every debit has a corresponding Credit, the statement is
30. 'Prime cost' does not include.....
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