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Financial Accounting - part 3
1
of
25
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Hints:
3
Q1. Cash withdrawn by the proprietor of the business for his personal use causes
A. Decrease in assets and decrease in owner’s capital
B. Increase in assets and decrease in capital
C. Increase in one asset and decrease in another asset
D. Increase in one assets and increase in liabilities
Q2. Latrina Ramin’s checking account had a balance of $148.52. One day she writes checks for $46.75 to purchaseablanket,$6.25forabook,and $95.00 for a bedspread. What is the new balance in Ramin’s account?
A. $0.52
B. $52.00
C. $249.77
D. $95.52
Q3. Qualitative characteristics of accounting includes
A. Reliability and relevance
B. Understandability and comparability
C. Both A & B
D. None of the above
Q4. Principles of management are significant because of:-
A. Initiative
B. Increase in efficiency
C. Optimum utilization of resources
D. Adaptation to changing technology
Q5. Choose the grammatically correct sentence.
A. If you wasn’t so lazy, you would get good grades.
B. If you were so lazy, you could get good grades.
C. If you weren’t so lazy, you would get good grades.
Q6. The rules and regulations which state how accountants operate in a particular place
A. Principles
B. Parties
C. Outside
D. Company
Q7. Ledger is called book of original entry.
A. Agrees
B. Disagrees
Q8. The systematic process of keeping or maintaining financial records and transactions for a business
×
A. Accounting
B. Accountancy
C. Accountant
D. Bookkeeper
Q9. Which of the following is an example of tertiary sector?
A. mining, fishing, forestry
B. manufacturing
C. retail
D. research and development
Q10. Journal entries of workmens compensation reserve
A. All partners cap. To W.C.R
B. W.C.R A/C TO All partners cap.
C. Retire partners cap.a/c To W.C.R
D. W.C.R To retired partners cap.
Q11. This is an example of
×
A. Report Form Balance Sheet
B. Account Form Balance Sheet
Q12. Money spent
A. income
B. expense
C. net income
D. gross income
Q13. abnormal losses are
A. added to profit
B. deducted from profit
C. multiplied to profit
D. no effect
Q14. Threats from outsiders are a threat derived from the employee’s activities and actions?
A. True
B. False
Q15. Book-Keeping is applicable to barter system transaction.
A. True
B. False
Q16. Rules of debit for real account is
A. Debit the receiver
B. Debit all expenses and losses
C. Debit what comes in
D. Debit the giver
Q17. Which one of the following items cannot be recorded in the profit and loss appropriation account?
A. Interest on capital
B. Interest on drawings
C. Rent paid to partners
D. Partner’s salary
Q18. Which of the following are tools of management accounting?A) Decision accountingB) Standard costingC) Budgetary controlD) Human Resources Accounting
×
A. A, B and D
B. A, C and D
C. A, B and C
D. A, B, C, D
Q19. specific order costing Method does not include (more than one option can be selected)
A. operating costing
B. batch costing
C. process costing
D. A and C
Q20. Drawings A/c Dr To Cash A/cThe journal entry is for recording -
A. Cash paid for a house design
B. Cash withdrawn for office use
C. Cash deposited in the
D. Cash withdrawn for personal use
Q21. which is the last step of accounting as a process of information
A. recording transactions
B. preparations of financial statements
C. communication of information
D. analysis and interpretation of information
Q22. Which of the following BEST describes the term entrepreneur?
A. A person who works for a large business in a customer service roll like a cashier.
B. A person who collects the taxes for government tariffs on imported goods.
C. A person who is appointed to a government position like the Secre tary of Education.
D. A person who starts a project, usu ally a business, and takes on risk to do so.
Q23. Direct cost and direct expenses are the same
A. TRUE
B. FALSE
Q24. Closing balance of the current year in the ledger accounts is the ___ of the next year
A. Debit balance
B. Opening balance
C. Closing balance
D. Credit balance
Q25. A, B and C are partners sharing profits in the ratio of 1/4 : 3/10 : 9/20. The New ratio on the retirement of C will be
A. 4:10
B. 4:03
C. 6:05
D. 5:06
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