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Financial Accounting - part 4
1
of
25
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Hints:
3
Q1. Which of the following is an expense
A. Truck
B. Salary paid
C. Inventory
D. Trade receivables
Q2. Reserves created out of profit to meet unforseen contingencies is called
A. General Reserves
B. Capital Reserves
C. Specific Reserves
D. Revenue Reserves
Q3. Telephone is under which Trial Balance
A. Credit
B. Debit
Q4. Provision for Depreciation is always credited- why
A. Because it is liability
B. Because it is an income
C. Because it is a future gain
Q5. The dating terms that the SSL Company negotiated with a vendor are 3/10, n/30 on a purchase order made August 18. Calculate the discounted amount SSL would we for an order of $386.69 if it pays by August 25.
A. $375.09
B. $379.03
C. $366.06
D. $369.09
Q6. If one aspect of a transaction is not recorded, which accounting concept is not followed?
A. Revenue Recognition Concept
B. Dual Aspect or Duality Principle
C. Matching Concept or Matching Principle
D. Materiality Principle
Q7. Irvin Raymond received a bank statement showing the following amounts. What is his present balance?Previous Balance $453.21 Deposits $449.00 Checks $456.01 Service Charge $2.34 Interest $2.98 Present Balance ???
A. $446.84
B. $453.98
C. $456.98
D. $543.00
Q8. In environmental analysis, what factor study about the income of the people, target market, inflation, recession, prosperity, demand and supply of the market.
A. Economic Forces
B. Political Factors
C. Physical environment
D. Culture and Lifestyle
Q9. How do ethical employees treat other people?
A. Any way that is not against the rules
B. Any way that is legal
C. The way the boss treats them
D. The way they want to be treated
Q10. Prepaid Expenses are
A. Expenses payable
B. . Expenses paid in advance
C. Both A & B
D. None of the above
Q11. Utilities Payable
A. current assets
B. current liabilities
C. noncurrent assets
D. noncurrent liabilities
Q12. Click and drag the picture above for clearer question. PLEASE READ AND UNDERSTAND THE QUES- TION.
×
A. A
B. B
C. C
D. D
Q13. Which one of the following states that the life of a business can be divided into equal time periods?
A. Periodicity concept
B. Revenue recognition principle
C. Economic entity concept
D. Accrual concept
Q14. An ___ is a person authorized to re view and verify the accuracy of finan cial records.
×
A. Manager
B. Debtor
C. Auditor
Q15. The term Book Keeping and Accounting can use interchangeably.
A. True
B. False
Q16. Skills, talents, education, and abilities human workers bring to a marketplace is
A. capital resources
B. entrepreneurs
C. natural resources
D. human capital
Q17. AS 26 is related to?
A. Treatment of goodwill
B. Treatment of fictitious assets
C. Cash flow statement
D. None of these
Q18. If the claim is equal to workmen compensation reserve: journal entry will be:
A. workmen compensation reserve a/c dr to provision for workmen compensation claim a/c
B. provision for workmen compensa tion claim a/c dr to workmen compensation reserve a/c
C. both
D. none of the above
Q19. Accrual basis of accounting
A. does not give a true and fair view of profit and financial position
B. gives a true and fair view of profit and financial position
C. may or may not give a true and fair view of profit and financial position
D. None of the above
Q20. Withdrawal of cash from business by the proprietor should be credited to
A. Drawings A/C
B. Cash A/C
C. Capital A/C
D. Purchases A/C
Q21. What is the nominal code of Rent income?
A. 2201
B. 3203
C. 4904
Q22. To think good about the future of the company means
A. to have an optimistic prediction
B. to have a negative outlook
C. to have a positive outlook
D. to have a positive attitude
Q23. The presents a summary of the revenues and expenses of an entity for n a specific period of time, such as a month or a year.
A. general journal
B. general ledge
C. income statement
Q24. Which two of the statements below describe how the ICAEW has approached the development of the code of ethics for its members?
A. Guidelines gives advice on how certain situations should be handled
B. Members are legally bound to com ply
C. Principles describe the fundamental values and qualities of members
D. A and C
Q25. State the need for treatment of goodwill on the admission of a partner
A. to compensate the new partner
B. To compensate the old partner for their sacrifice
C. No enrty
D. To compensate all partners
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