ACCOUNTING CONTEST
Quiz by Mahmood Saleh Jaafar Almutawa
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25 questions
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- Q1On Jan 1st, 2017 a firm purchased Equipment for 7,500. Calculate depreciation expense for 2017 using Straight-line method, for 5 years useful life and salvage value 5001,2001,4001,0001,500120s
- Q2A firm had purchase of 14,800 , freight charge of 200 and purchase return 1,000. Total cost is14,00016,00015,60013,600120s
- Q3If Net sales is 20,000 , Sales return is 50,000 and Sales discount is 10,000 Gross sales70,00060,00080,00020,000120s
- Q4The freight out account is shown on the Income statement as aComponent of the COGSOperating expenseDeduction from salesPurchase expense120s
- Q5Gross profit will be theNet sales - COGSTotal revenue - Operating expenseNet sales - Ending inventoryGross sales - Cost of purchase120s
- Q6The Sales account is classified asa liability accountan expense accountan asset accounta revenue account120s
- Q7All of the above are purchase expense exceptPurchase expenseFreight inTaxCarriage in120s
- Q8The sales return and allowance account is presented inThe Income statement as deduction from SalesThe Income Statement as an addition to SalesThe balance sheet as a deduction from account receivableThe Balance Sheet as a deduction from the Capital120s
- Q9If a firm had Sales of 60,000 during a period and Sales Return of 3,000 , Net Sales will be60,0003,00057,00063,000120s
- Q10The Sales Return account is classified asA contra revenue accountA revenueA contra asset accountAn asset account120s
- Q11In Straight line method of depreciation, residual value(scrap value) meansSalvage ValueUseful lifeBook valueAcquisition cost120s
- Q12The Beginning Inventory plus the Cost of Purchase minus the Ending InventoryThe Cost of Goods SoldThe total Goods AvailableThe Ending InventoryThe Gross Profit on Sales120s
- Q13A firm purchased an asset for 40,000 and estimates that it will have a useful life of five years and a Salvage Value of 5,000. Under Double Declining Balance, calculate the depreciation expense14,0008,00016,0007,000120s
- Q14The method of depreciation that results in the same amount of depreciation expense each year is calledStraight-Line methodDeclining Balance methodSum -of-the-years-digits methodWeighted Average method120s
- Q15Manama Company bought a Van for 15,000, Salvage value is 2,000, for 4 years. using straight line method, the accumulated depreciation for the second year will be6,5003,25013,0009,750120s