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Financial Accounting Quiz 82 (30 MCQs)

Quiz Instructions

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1. Entries made on the first day of a new period that switch the debits and credits of the adjusting entries made on the last day of the previous period.
2. Which one is not a current liability?
3. What is the purpose of a Sales Ledger?
4. To decrease the balance in the following accounts, would you debit the account or would you credit the account?Unearned Revenue
5. The person or firm that sells its business to another firm or company is referred to as
6. , Mr. Haidar sold a teak wood cupboard to Mrs. Yeni for Rp. 15, 000, 000 with conditions 2/10, n/60. However, when Mrs. Yeni's trade receivables were approaching maturity, they were replaced by money orders. So the receivables transfer journal is.....
7. What type of an account is cash?
8. An economic transaction or event that affects an entity's assets, liability, equity, income or expense is
9. Accrued expenses are expenses that have been incurred but not yet been recorded.
10. Principle requiring that the same accounting methods and format of statements should be used over time so they can be compared.
11. The equity method of accounting for long-term investments in stock should be used when the investor has significant influence over an investee and owns:
12. A fixed asset costing $ 5000 is depreciated at the rate of 20 % per annum using thediminishing balance method.What is the total amount of depreciation for the first two years?
13. Subdivision of account is
14. Purchasing supplies on credit increases assets while decreasing liabilities.
15. Which one of the following factors plays the most important role in the location of an industry in a particular region?
16. In merchandising operation using perpetual systems, when a person purchases goods or services, we can write it as .....
17. Factors that do not affect depreciation/shrinkage are.....
18. In accounting/bookkeeping, the term posting refers to
19. A company received interest of $ 8800 during the financial year. Interest of $ 700 was due at the beginning of the year and $ 850 at the end of the year.Which entry appeared in the interest received account to make the transfer to the income statement?
20. It is known that the Unearned Rent value is Rp. 6, 000, 000 in the trial balance on December 31 2020. It is known that the rental income that has been received for 1 year's rent starting from November 1 2020. The adjusting entry at the end of December 2020 is.....
21. The prepaid advertising account was recorded on November 1, 2020, amounting to Rp. 1, 200, 000, for 10 broadcasts. As of December 31 2020, advertisements have not been broadcast 4 times. The correct adjustment entry for advertisements that have been broadcast is.....
22. PT Adil Sejahtera makes payments for maintenance of vehicle spare parts which costs IDR 300, 000, 000, -and repairs to worn engine chains at a cost of IDR 500, 000, -. So the journal that must be made for this transaction is.....
23. What is the primary purpose of bookkeeping?
24. Includes the collection, determination, allocation, assessment, interpretation, and control of cost data, particularly the cost of production in a manufacturing concern
25. Capital + liability =
26. Which of the following would not be considered an external user of accounting data for the ABC Company?
27. Which of the following is the least liquid?
28. The concept that concern with the significance of currency used when dealing with economics events and agreeable by both parties is
29. Kelsie work for TLE manufacturing Corporation. She is under the accounting department mainly responsible for making sure that the her company gets the cheapest prices of raw materials with the highest quality possible to reduce waste expenses. She also makes sure that the electricity bill and other utility bills are as low as possible with the highest possible output of products manufactured. Which branch of accounting is Kelsie under?
30. Which of the following accounts has a credit balance?
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