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Financial Accounting Quiz 74 (30 MCQs)

Quiz Instructions

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1. Which statement contains both income and expenses?
2. Debt investments are initially recorded at:
3. Prepaid insurance A/c is ..... A/c
4. Information for each transaction recorded in a journal is called .....
5. How is the balance on the provision for depreciation of motors account shown in the finalaccounts?
6. Income statement covers a period of time
7. Which of the following is an example of a non-monetary incentive?
8. Establishment expenses of a new machine will be debited in ..... account
9. The development of accounting standards in Malaysia only began in the late 1960s, where most of the accounting standards involved the adoption of the International Accounting Standards (IAS).
10. In the documentary, All the Queens Horses, Rita's actions are considered ethical because she was maximizing her personal wealth.
11. On September 1, 2018, V Co. bought merchandise inventory worth P14, 600 from R Co., terms of 2/10, n/20. On September 6, 2018, the firm received a credit memorandum of P2, 400 for defective merchandise returned. On September 8, the company made a partial payment of P3, 800. How much will V Co. pay to settle its account on September 11, 2018?
12. Only what is measurable in terms of money will recorded in accounting is explained by ..... concept
13. Companies that are created by special acts of the Legislature are .....
14. Thea area of accounting aimed at serving external users by providing them with general-purpose financial statements.
15. Partners can share profits or losses in their capital ratio, when there is no agreement
16. Selling Expenses should be divided among the departments on the basis of
17. Common size analysis is also known as ..... analysis
18. What is the transaction for the cash payment for rent?
19. All the following are examples of personal account except
20. Making the provision for doubtful debts and discount on debtors and valuation of the stock at cost price or market price which ever is less follows the convention of
21. The balance sheet reports which accounts
22. Outstanding expenses are to be shown at the ..... side
23. Which of the following provides information about the financial information's, obligations and activities on the economic entity that is intended for use primarily by external decision makers?
24. Outline the principal of understandability, relevance, reliability and comparability.
25. If a material event occurs after the reporting date but before the financial statements are authorised for issue outside the organisation, and this event does NOT require adjustment, what information should be disclosed in the financial statements?
26. Type of business enterprise that buys goods and sells them without any alteration made on their state or condition.
27. A measure and summary of a hospitality business's operating activities over a period of time.
28. During 2015, Rani sold goods costing $ 2, 000 to its subsidiary, Moly, at a gross profit of 20%. Moly had none of this inventory on hand at the end of 2015. Which of the following journal entry is recorded by Rani in 2015?
29. Assets are generally repossessed at actually agreed
30. Generate revenue at a local level. They provide funding for everything from parks, to public safety services, to additional funding for schools.
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