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Financial Accounting Quiz 64 (30 MCQs)

Quiz Instructions

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1. If the accountant failed to make an adjusting entry at the end of the period to record depreciation for the period, the omission will cause
2. Who is father of accounting in india
3. Wages and Salaries given in Trial Balance will Appear in
4. ..... is not a subsidiary book
5. When the lessor receives payment, he credits ..... account
6. To credit an expense account means to decrease it.
7. Which of the following is NOT a component of net sales?
8. Objective of non trading concern is profit
9. Spending or a decrease in cash
10. Identify the type of expenditure. Repainting extension to warehouse three days after
11. The total amount of goods purchased by the firm for use or sale:
12. Identify the type of expenditure. Purchase of a motor van
13. Entries to revenues accounts such as Service Revenues are usually
14. Positive accounting theory is.....
15. Generally, When considering the differences between the accounting treatment and the income tax treatment of a particular item the accounting treatment is based on
16. When preparing a balance sheet, the amount of owner's capital is calculated using amounts obtained from:
17. It is a measurement of performance (shows the profit or loss) of the company.
18. A ..... is an artificial person which is recognized in law as a separate legal entity
19. In Dual Aspect Concept the assets represent economic resources of the business.
20. The accounting principles that states companies and owners should be account for separately .....
21. What is the total share dividend declared for the year.Hint:Sum the Preference Share Dividend and the Ordinary Share Dividend
22. Gallery Corp. paid $ 6, 000 for a six-month insurance policy for the company van. The policy coverage began on January 1. On January 31, $ 1, 000 of insurance expense must be reported.
23. Prepaid expenses fall into the category of
24. A report made by company management that shows the revenue, expenses, and net income or loss for a period.
25. Purchase of goods on credit would be recorded in the account as a debit
26. How do you calculate depreciation with the cost method?
27. PT. Gudang Garam is a well-known company, has a good name among the public and investors. The salt warehouse factory is located close to regional tobacco farmers and is well managed in terms of management and governance. More value from PT. Gudang Garam is.....
28. A person who owes money to the firm on account of good sold:
29. Debenture-holders are
30. Which asset from the following is actually not an asset but an expense of heavy nature
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