In Course Assessment 1: Quiz
Quiz by Nirujah
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36 questions
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- Q1Assets minus liabilities equals __________.LossEquityProfitDrawings300sEditDelete
- Q2Which term is associated with "left" or "left-side"of an account?CreditDebit300sEditDelete
- Q3When cash is received, the account Cash will beDebitedCredited300sEditDelete
- Q4When a company pays a bill, the account Cash will beDebitedCredited300sEditDelete
- Q5Entries to revenues accounts such as Service Revenues are usuallyCreditsDebits300sEditDelete
- Q6Which financial statement displays the revenues and expenses of a company for a period of time?Statement of cashflowStatement of profit and lossStatement of changes in equityStatement of financial position300sEditDelete
- Q7What is the main purpose of financial accounting?Maintain company expenses recordsCalculate the company profit for a yearThe purpose of financial accounting is to provide useful information for outside investors, creditors, and others.Organize financial information300sEditDelete
- Q8The accrual basis of accounting records revenues when they are:CollectedEarnedContractedReadily available300sEditDelete
- Q9Asset accounts have what type of balance?ContraCreditAll of the aboveDebit300sEditDelete
- Q10Which account is not a liability account?Accrued ExpensesLoansAccounts payableCash300sEditDelete
- Q11Which account increases equity?RevenueloansExpensesWithdrawals300sEditDelete
- Q12Which of the following does not describe accounting?Language of businessFinancial accounting and accounting systemsUseful for decision makingData Entering methods300sEditDelete
- Q13Which of the following statement is true about purpose of accounting?Provision of base for decision making is purpose of accountingAccounting purpose gives quantitative information to economic decision makersThe purpose of accounting provide information to managerAll of above statement are true regarding purpose of accounting300sEditDelete
- Q14Which of the following groups use financial accounting information?Management, employees, shareholders and lendersTax authorities, government and general publicAll of the aboveSuppliers, customers and competitors300sEditDelete
- Q15Which of the following items would not fall under the definition of an asset?InventoryOwner’s equityReceivablesShort term deposits300sEditDelete
- Q16Which one of the following items would fall under the definition of a liability?CreditorsDebtorsPrepaymentsInventory300sEditDelete
- Q17A 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$1,020,000300sEditDelete
- Q18A 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$500,000300sEditDelete
- Q19A 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$1,400,000300sEditDelete
- Q20A 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$800,000300sEditDelete