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Financial Accounting Quiz 89 (30 MCQs)

Quiz Instructions

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1. The final stage of the accounting process is
2. Every Debit have a corresponding credit, is this statement
3. ..... is a financial statement that reports a business's assets, liabilities, and capital on a specific date.
4. IF AN ENTITY DEMOLISHES AN OLD BUILDING AND CONSTRUCTS A NEW BUILDING, ANY DEMOLITION COST INCURRED IS:
5. With this financial statement we can identify where the money is earned and where the money is spent
6. Providing financial accounting information about economic activities for specified time/accounting periods ..... This principle pertains to .....
7. When is trial balance prepared
8. An Acer brand computer was purchased for Rp. 7, 500, 000 and get a cash discount of 10%. Additional costs for installing the computer and setting it up so that the computer is ready for use is IDR. 250, 000. then the purchase price of the computer is.....
9. In a bonus issue of one share for every four held, a holder of 100, 000 shares will get additional shares of
10. Single entry system is also called as
11. The assets which have no physical existence but have rights as their value are known as?
12. Which of the following best describes the proper presentation of accounts receivable in the financial statements?
13. Investments is an
14. It is the last day of the fiscal period and your business shut down to complete an end-of-fiscal period inventory count. What inventory amount should go on the balance sheet?
15. In partnership, partners liabilities are
16. Temporary accounts are closed at period-end. They consist of revenue, expense, dividends and Income Summary.
17. When a company can get a tax refund from the government?
18. The branches of Accounting are the following except
19. A waste paper basket costing $ 30 is being depreciated over 5 years. Which principle of accounting is violated?
20. Financial accounting provides the primary source of information for:
21. The Financial Accounting Standard Board (FASB) is primarily responsible for which of the following?
22. Numerous mistakes can exist even though the Trial Balance totals are in agreement.
23. Machinery costing $ 25 000 is depreciated at 20 % per annum using the diminishing (reducing)balance method.It is sold at the start of year 3 for $ 12 000.What is the profit or loss on disposal?
24. Calculate the interest capitalised for the year 2022 that will be added to the interest expense of MK traders. (question 2)
25. The total amount of money owed to a business by customers.
26. The balance of the adjusted cash book is used in preparing .....
27. ALL OF THE FOLLOWING ARE CLASSIFIED AS CURRENT LIABILITIES, EXCEPT:
28. A type of business that offers services and typically generate a profit by charging a fee.
29. Accruing Unpaid Expenses What would be the impact on assets?
30. In a non-for-profit making organisation, the cash book is summarised in the form of
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