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Financial Accounting Quiz 81 (30 MCQs)

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1. On September 1, 2011, Entity A entered into an agreement to rent office space for a year and paid $ 36, 000 for a six-month rent. Prepare journal entries on the following dates:September 1, 2011
2. The effect of opening entry is the opening of
3. In the year ended May 31, 2017, Hanne Co. purchased non-current assets with a cost of P140, 000, financing them partly with a new loan of P120, 000. Hanne Co. also disposed of non-current assets with a carrying value of P50, 000 making a loss of P3, 000. Cash of P18, 000 was received from the disposal of investments during the year. What amount should be Hanne Co.'s net cash flow from investing activities according to PAS 7 Statement of Cash Flows?
4. Discount is ..... from the original price.
5. On Jan 1, 2017, Roy acquires 100% of Liz for $ 200, 000. Assume the book value and fair value of Liz's net assets were 180, 000 and 210, 000, respectively. What is the record by Roy when acquiring Liz?
6. Upon the dissolution of a partnership business, the party to be settled first out the proceeds realised is
7. Which of the following account will be credited, if business bought goods on credit from Mr. Z
8. A patent has an acquisition price of IDR 20, 000, 000.00, an economic life of 10 years. The trial balance as of December 31 2016 shows a balance of IDR 16, 000, 000.00. The size of the patent account after adjustment is.....
9. To which account is the balance left after writing off capital losses from capital gains on re-issue of seized shares transferred?
10. What is the correct formula for reducing balance method of depreciation
11. Which accounting concept or principle states that the transactions of a business must be recorded separately from those of its owners or other businesses?
12. Depreciation is non-cash and non-operating expense which is to be provided for if there are profits.
13. ..... is a book that combines cash, bank and discount accounts into a single book
14. The use of a transfer price enables a factory to make additional profit which is added into the profit for the year in the income statement
15. IT IS THE COST OF AN ASSET OR AN AMOUNT SUBSTITUTED FOR COST LESS RESIDUAL VALUE:
16. The unification of two or more separate companies into one economic entity, due to one company merging with another company or gaining control over the assets and operations of another company is.....
17. What is the purpose of an internal control system?
18. The Owner's Equity section of a balance sheet may report different kinds of details about owner's equity, depending on the need of the business.
19. Which of the following events between the reporting date and the date the financial statements are authorised for issue must be adjusted in the financial statements? 1 Declaration of equity dividends2 Decline in market value of investments3 The announcement of changes in tax rates4 The announcement of a major restructuring
20. A journal used to record only one kind of transaction is called
21. The Malaysian Accounting Standard Board (MASB)'s standards setting process is similar to that of the developed countries, for example, Australia, Singapore, Canada, New Zealand, United Kingdom, United States, and the International Accounting Standards Board (IASB). Therefore, the standards setting process is consistent with other international accounting standards boards.
22. Goods which were sold on credit are returned by the customer as unsatisfactory. This is recorded in the accounts as:
23. Which of the following is a correct journal entry for the purchase of inventory on credit?
24. Which of the following accounts category with normal balance are shown at the debit side of a trial balance?
25. Salaries and Wages Appear in
26. If the company is ..... interest due on debentures shall be paid up to the date of actual payment.
27. When a company tries to design and produce products or services that serve unique market needs, allowing it to charge higher prices, such as Nike or BMW.
28. You want to know the cost of goods sold by the business in a particular period. What is the financial statement that you need to check?
29. Net Profit is reflected in higher cash balances and net loss is reflected in lower net worth.
30. Profit is equal to:
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