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Financial Accounting Quiz 91 (30 MCQs)

Quiz Instructions

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1. In the Double Entry System, every business transaction affects the same side of two accounts
2. Which is accurate?
3. Mr. Nat has the following personal assets and liabilities:Cash 10, 000 baht, bank deposit 5, 000 baht, car 200, 000 baht, house 300, 000 baht, land 100, 000 baht, borrowed money from the bank 120, 000 baht. I would like to know how much total assets Mr. Nat has.
4. Separation of personal and corporate wealth
5. In the trial balance 31 December 2015 there was prepaid advertising of Rp. 3, 000, 000.00. At the end of the year there was a statement that Rp. 1, 000, 000.00 had become an expense. From these data, the prepaid rent account on the adjusted trial balance is.....
6. The Companies Act, Malaysian Accounting Standards Board (MASB), listing requirements of the Kuala Lumpur Stock Exchange (KLSE) and the guidelines of the Securities Commission (SC) are currently the major sources of reference for corporate reporting in Malaysia.
7. Contingent liabilities should be recorded when:
8. (b) ..... :A document of the company that details goods or services which the company wishes to purchase from another company.
9. When hire purchaser makes default in paying the instalment, the hire vendor has
10. Depreciation is a top process
11. Fundamental Problems of Financial Accounting Theory
12. Adjusted Purchases is total of
13. Unsold goods is called as
14. A business recognizes revenues or expenses on the accounting books even though no cash changes hands. This business uses the ..... accounting method.
15. Payments for rent are recognized as prepaid rent on March 1, 2021 for a rental period of 1 year Rp. 12, 000, 000. The company made the adjustment on August 31, 2021. The correct adjusting entry on the debit side is.....
16. Outstanding rent account is personal account
17. Ascertain cost of goods sold from the following figures:Opening stock Rs. 3700Closing stock Rs.20800Purchases rs2500
18. Step 2 in the Accounting Cycle
19. Following the previous question, what are the amounts to be credited and debited for the operating expenses and e.a.p operating expenses accounts knowing that the credit amount was 6000. What are the balances at the account levels.
20. A buyer received an invoice for P6, 000 dated June 10. If the terms were 2/10, n/30, and the buyer paid the invoice within the discount period, what amount will the seller receive?
21. In management accounting, it is not a requirement to follow GAAP in preparing reports for internal purposes.
22. The following are objectives of amalgamation EXCEPT
23. Liabilities of the petty cashier can never ..... the imprest amount
24. Bad Debts A/c is a Nominal Account
25. The Father of Accounting
26. The amount of a natural resource used up during the period
27. Panahon Company bought equipment costing P50, 000 on account.
28. Expenses due for this year not paid
29. WHICH OF THE FOLLOWING IS INCORRECT ORDER?
30. The cash difference is underreported in the income statement in the post.....
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