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Financial Accounting Quiz 92 (30 MCQs)

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1. Which financial statement uses the expanded accounting equation?
2. Which of the following statements is true about assets?
3. During 2017, Rob sold goods costing $ 1, 500 to its subsidiary, Sam, at a gross profit of 20%. Sam had none of this inventory on hand at the end of 2017. What is the elimination worksheet entry to eliminate intercompany sales?
4. Which forecasting method would best be utilized by a business who has data on the past five fiscal periods and wants to forecast their next fiscal period?
5. The company receives cash from a bank loan.-The liabilities will
6. What is the normal balance for liabilities?
7. Which ONE of the following statements correctly describes how International Financial Reporting Standards (IFRSs) should be used?
8. 'Useful for making prediction and confirming existing expectations.' What type of qualitative characteristics of Financial Statements that relates in above statement?
9. Receipts, bills, invoices, statements, checks ..... anything that documents a transaction.
10. If all the business transactions are expressed in monetary terms, it will be easy to understand the accounts prepared by the business enterprise.
11. Expenses whose actual payment has not yet occurred but have become a burden for the company because the company has received the benefits so that it is a debt in the period concerned are.....
12. A deed of partnership is:
13. Unrecoupable short-workings should be charged to Profit and Loss Account.
14. Cash flows from operating activities include:
15. In the accounts of a manufacturing firm, the cost of raw materials used during an accounting period should be included under the heading .....
16. Based on observed behavior of accountants theory developed from how accountants act in certain situations tested by observing whether accountants do act in the way the theory suggests is an inductive approach statement above was a Descriptive pragmatic approach
17. The debts which are to be repaid within a short period (a year or less) are referred to as,
18. The activities or steps that help a business keep its accounting records in an orderly manner.
19. The company receives cash from a bank loan.-The assets will
20. Which groups of people are most likely to be interested in the financial statement of a sole trader (2 Marks) i. Shareholders of the company ii. The business bank manage iii. The tax authority iv. Financial analysts
21. Which of the following accounts is prepared to find out the cost of production?
22. The owner invests personal cash in the business.-The liabilities will
23. How are royalties classified in a manufacturing firm?
24. This concept states that a business firm will continue to carry on its activities for an indefinite period of time.
25. Explain how investors use financial accounting information.
26. In the hire purchase system interest charged by vendor is calculated on the basis of the outstanding cash price.
27. A business entity is owned and run by Alpha, Beta and Gamma. What type of business is this an example of?
28. The balance in the 'goods sent to branch ' account is transferred to
29. Which of the following are duties of accountants?
30. The method that records income and costs, where income is reported when the transaction occurs and costs are reported when the costs are needed to generate business income is the.....
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