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ACCOUNTING CONTEST

Quiz by Mahmood Saleh Jaafar Almutawa

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25 questions
Show answers
  • Q1
    On 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 500
    1,200
    1,400
    1,000
    1,500
    120s
  • Q2
    A firm had purchase of 14,800 , freight charge of 200 and purchase return 1,000. Total cost is
    14,000
    16,000
    15,600
    13,600
    120s
  • Q3
    If Net sales is 20,000 , Sales return is 50,000 and Sales discount is 10,000 Gross sales
    70,000
    60,000
    80,000
    20,000
    120s
  • Q4
    The freight out account is shown on the Income statement as a
    Component of the COGS
    Operating expense
    Deduction from sales
    Purchase expense
    120s
  • Q5
    Gross profit will be the
    Net sales - COGS
    Total revenue - Operating expense
    Net sales - Ending inventory
    Gross sales - Cost of purchase
    120s
  • Q6
    The Sales account is classified as
    a liability account
    an expense account
    an asset account
    a revenue account
    120s
  • Q7
    All of the above are purchase expense except
    Purchase expense
    Freight in
    Tax
    Carriage in
    120s
  • Q8
    The sales return and allowance account is presented in
    The Income statement as deduction from Sales
    The Income Statement as an addition to Sales
    The balance sheet as a deduction from account receivable
    The Balance Sheet as a deduction from the Capital
    120s
  • Q9
    If a firm had Sales of 60,000 during a period and Sales Return of 3,000 , Net Sales will be
    60,000
    3,000
    57,000
    63,000
    120s
  • Q10
    The Sales Return account is classified as
    A contra revenue account
    A revenue
    A contra asset account
    An asset account
    120s
  • Q11
    In Straight line method of depreciation, residual value(scrap value) means
    Salvage Value
    Useful life
    Book value
    Acquisition cost
    120s
  • Q12
    The Beginning Inventory plus the Cost of Purchase minus the Ending Inventory
    The Cost of Goods Sold
    The total Goods Available
    The Ending Inventory
    The Gross Profit on Sales
    120s
  • Q13
    A 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 expense
    14,000
    8,000
    16,000
    7,000
    120s
  • Q14
    The method of depreciation that results in the same amount of depreciation expense each year is called
    Straight-Line method
    Declining Balance method
    Sum -of-the-years-digits method
    Weighted Average method
    120s
  • Q15
    Manama 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 be
    6,500
    3,250
    13,000
    9,750
    120s

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