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In Course Assessment 1: Quiz

Quiz by Nirujah

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36 questions
Show answers
  • Q1
    Assets minus liabilities equals __________.
    Loss
    Equity
    Profit
    Drawings
    300s
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  • Q2
    Which term is associated with "left" or "left-side"of an account?
    Credit
    Debit
    300s
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    Delete
  • Q3
    When cash is received, the account Cash will be
    Debited
    Credited
    300s
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    Delete
  • Q4
    When a company pays a bill, the account Cash will be
    Debited
    Credited
    300s
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    Delete
  • Q5
    Entries to revenues accounts such as Service Revenues are usually
    Credits
    Debits
    300s
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  • Q6
    Which financial statement displays the revenues and expenses of a company for a period of time?
    Statement of cashflow
    Statement of profit and loss
    Statement of changes in equity
    Statement of financial position
    300s
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  • Q7
    What is the main purpose of financial accounting?
    Maintain company expenses records
    Calculate the company profit for a year
    The purpose of financial accounting is to provide useful information for outside investors, creditors, and others.
    Organize financial information
    300s
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  • Q8
    The accrual basis of accounting records revenues when they are:
    Collected
    Earned
    Contracted
    Readily available
    300s
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  • Q9
    Asset accounts have what type of balance?
    Contra
    Credit
    All of the above
    Debit
    300s
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    Delete
  • Q10
    Which account is not a liability account?
    Accrued Expenses
    Loans
    Accounts payable
    Cash
    300s
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    Delete
  • Q11
    Which account increases equity?
    Revenue
    loans
    Expenses
    Withdrawals
    300s
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    Delete
  • Q12
    Which of the following does not describe accounting?
    Language of business
    Financial accounting and accounting systems
    Useful for decision making
    Data Entering methods
    300s
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  • Q13
    Which of the following statement is true about purpose of accounting?
    Provision of base for decision making is purpose of accounting
    Accounting purpose gives quantitative information to economic decision makers
    The purpose of accounting provide information to manager
    All of above statement are true regarding purpose of accounting
    300s
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  • Q14
    Which of the following groups use financial accounting information?
    Management, employees, shareholders and lenders
    Tax authorities, government and general public
    All of the above
    Suppliers, customers and competitors
    300s
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  • Q15
    Which of the following items would not fall under the definition of an asset?
    Inventory
    Owner’s equity
    Receivables
    Short term deposits
    300s
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  • Q16
    Which one of the following items would fall under the definition of a liability?
    Creditors
    Debtors
    Prepayments
    Inventory
    300s
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  • Q17
    A business has the following items in it: - Land $1,000,000 - Machinery $20,000 - Cash $10,000 - Debt $0 - Owner’s equity ______
    $1,030,000
    $1,010,000
    $1,000,000
    $1,020,000
    300s
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    Delete
  • Q18
    A business has the following items in it: - Land $1,000,000 - Machinery $20,000 - Cash $10,000 - Loan $500,000 - Owner’s equity ______? What is the value of the owner’s equity?
    $530,000
    $1,000,000
    $1,030,000
    $500,000
    300s
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    Delete
  • Q19
    A business has the following items in it: - Owners equity $600,000 - Total liabilities $1,400,000 - Assets ______? What is the value of the assets in this business?
    $2,000,000
    $800,000
    $600,000
    $1,400,000
    300s
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    Delete
  • Q20
    A business has the following items in it: - Land $1,500,000 - Machinery $80,000 - Cash $20,000 - Owners equity $900,000 - Loan $500,000 - Creditors ______?
    $1,100,000
    $700,000
    $200,000
    $800,000
    300s
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    Delete

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