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Financial Accounting - part 2
1
of
25
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Hints:
3
Q1. Profit earned or loss incurred by the y business can be calculated by preparing
A. Balance sheet
B. Trial balance
C. Book keeping
D. Profit and loss Account
Q2. According to the Business Entity Concept
A. transactions between the business and.its owners are not recorded.
B. transactions between the business and its owners are recorded consider ing themto be one single entity.
C. transactions between the business and its owners are recorded from the business point of view.
D. None of the above.
Q3. A check written that may not have sufficient funds in an account but is considered "safe" as funds will be in the account before the check is de- posited.
A. Floating a check
B. Drafting Check
C. Special Check
D. Debit Check
Q4. DEBTS INVESTMENTS CAN BE SUBSEQUENTLY MEASURED AT:
A. FVPL AND AMORTIZED COST
B. FVOCI AND AMORTIZED COST
C. FVPL, FVOCI AND AMORTIZED COST
D. FVPL AND FVOCI
Q5. By forming an S corporation, you can
A. avoid double taxation.
B. have more than 35 shareholders.
C. combine the partners’ liability.
D. release more assets
Q6. Deficit means
A. you have more revenue
B. you have more money out than money in
C. you are in the black
D. you are in debit
Q7. Wages and salaries will be recorded in
A. profit and loss account
B. balancesheet
C. Trading account debit side
D. trading account credit side
Q8. Click and drag the picture above for clearer question. PLEASE READ AND UNDERSTAND THE QUESTION.
×
A. A
B. B
C. C
D. D
Q9. Provisions are shown in the balance sheet as deduction on the ___ side
A. liability
B. asset
Q10. Financial statement are prepared to know :-
A. Profit or Loss
B. Capital
C. The value of Assets and Liabilities
D. Profit or loss and Financial position
Q11. Which ONE of the following statements correctly describe show International Financial Reporting Standards (IFRSs) should be used?
A. To provide examples of best financial reporting practice for national bodies who develop their own requirements
B. To ensure high ethical standards are maintained by financial reporting professionals internationally
C. To facilitate the enforcement of a single set of global financial reporting standards
D. To prevent national bodies from developing their own financial reporting standards
Q12. It is time to produce the month end bank reconciliation. Which TWO of these reports would be most useful
A. Cash receipts analysis
B. Sales summary
C. Bank reciepts analysis
D. Bank payment analysis
Q13. Which of the following items are not included in a cash budget?
A. Gain on sale of asset
B. Cash sales
C. Payment received from debtors
D. Interest received from the bank
Q14. Luisa Perez had a balance of $541.82 in her checking account on January 7. On January 10 she wrote a check to Marty’s Hair Salon for $27.19. What is her new balance?
A. $494.63
B. $569.01
C. $514.63
D. $27.19
Q15. Amrita fashions Kalka (Haryana) Purchase goods from Modern Fashion Ambala (Haryana) for cash of RS. 5, 00, 000 and Paid GST @12%. The journal entry in the books of Modern fashion
A. Cash A/c Dr.To Output CGSTTo Output SGSTTo Sales
B. Sales A/c Dr.To Output CGSTTo Output SGSTTo sales A/c
C. Amrita Fashion A/c Dr.To output CGSTTo Output SGSTTo sales
D. Cash A/c Dr.To Output IGST A/c DrTo sales
Q16. What is the word for ’The holding company owns a minority interest (less than 50%), but the accounts are nevertheless consolidated’?
A. Affiliated
B. Stock
C. Gains
D. Earnings
Q17. Can charge interest, late fees, and/or annual fees.
A. Cash
B. Debit Card
C. Credit Card
D. Check
Q18. What is the objective of the accruals basis of accounting?
A. To match cash inflows with cash outflows
B. To match expenses with revenue earned
C. To match expenses with cash re ceived in the period
D. Toprovide financial information to help investors determine the current cash flows
Q19. My husband works at Mellon Group as a His main duties include man- aging the company’s financial plans.
A. bookkeeper
B. budget analyst
C. file clerk
Q20. When can wages that were paid, be recorded as a capital expenditure?
A. Repairs to the building
B. Painting the building
C. Construction of the building
D. Cleaning the building
Q21. perfect mobility of resources possible
A. monopoly market
B. monopolistic market
C. perfect competitive market
D. oligopoly
Q22. Recording of a business transaction in the proper form or method in the books of accounts
A. Narration
B. Posting
C. Journalising
D. Entry
Q23. Regina wants to buy lunch for her friendsbutdoesn’thaveanycash,and the restaurant will not take a check. Choose more than one answer.
A. debit card
B. credit card
C. electronic payment
D. All Above
Q24. Also known as the "Long-term Assets"
A. Non-current Assets
B. Current Assets
C. Non-current liabilities
D. Current Liabilities
Q25. The law of demand states that as the price increases then
×
A. quantity demanded increases
B. quantity demanded decreases
C. demand increases
D. demand decreases
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