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Financial Accounting Quiz 78 (30 MCQs)

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1. In the case of cheques issued but not encashed, the balance of the passbook will be more than the balance of the bank account in books of accounts
2. When an underwriter agrees to buy a definite number of shares in addition to unsubscribed shares, it is termed as
3. A machine was purchased on 1 January 2013 for $ 12 000. It has a working life of 8 years when itwill be sold for $ 2000. Depreciation is calculated using the straight line method.What was the written down value at 31 December 2013?
4. There are several ways to acquire fixed assets, which method below is the most profitable for the company?
5. If the creditors are willing to reduce their claims against the company, then the amount of reduction in their claim will be transferred to
6. Which act was signed into law in 2010 to protect American taxpayers from "Too Big To Fail" bailouts and to protect consumers from abusive financial service practice?
7. Del credere commission is allowed to cover:
8. What are standing orders in a bank reconciliation statement?
9. There are purchases of fixed assets in the form of land and buildings in cash. The market prices for land and buildings are IDR 250, 000.00 and IDR 500, 000.00 respectively. The journal to record these transactions is .....
10. The discount which is allowed when payment is received within a specified period is
11. Plant and machinery is ..... a/c
12. A "new company" formed to take over the assets of another company is called.....
13. How is net profit after tax calculated?
14. If you bought some fruits for $ 20 from fruit store. is the $ 20 is
15. When a company sells services for which cash will not be received until some future date, the company should credit an unearned revenues account for the amount charged to the customer.
16. Dependent branch make.....
17. The nature of financial accounting is
18. The Sun Sdn Bhd has five plants nationwide that cost RM100 million. The current market value of the plants is RM500 million. The plants will be recorded and reported as assets at
19. How many Companies are listed on NSE?
20. Assets created by selling products or services on credit are:
21. Which of these non-current assets should not be depreciated.
22. What is the depreciation expense for loose tools?
23. Opening stock is.....
24. Gross sales total $ 300, 000, one-half of which were credit sales. Sales returns and allowances of $ 15, 000 apply to the credit sales, sales discounts of 2 percent were taken on all of the net credit sales, and credit card sales of $ 100, 000 were subject to a credit card discount of 3 percent. What is the dollar amount of net sales?
25. The consolidation process consists of all the following except:
26. Alicia Keyes Company began the year with owner's equity of $ 280, 000. During the year, the company recorded revenues of $ 375, 000, expenses of $ 265, 000, and had owner drawings of $ 30, 000. What was Alicia Keyes' owner's equity at the end of the year?
27. True or False:A company experiencing a Net Income (more revenue than expenses) will also experience an increase to Owner's Equity.
28. Insurance that has not expired is 5 times that has expired, insurance that has expired is Rp500.000. In Trial Balance there is an Insurance Expense account Rp6.000.000
29. The agency responsible for setting international financial reporting standards.
30. A business has net sales of $ 100 000, cost of sales of $ 60, 000 and other operating expenses of $ 40 000. What is the gross profit of the business?
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