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Thread: FIN621 Online Quiz 1 spring 2011 on 12 april 2011

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    Word Icon 35px Jpg.ashx FIN621 Online Quiz 1 spring 2011 on 12 april 2011

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    FIN621 Online Quiz#1….Spring 2011…
    Question # 2 of 15 ( Start time: 05:16:40 PM ) Total Marks: 1
    Which of the following is the second name for the journal?
    Select correct option:
    Book of default entries
    Book of original entries
    Book of detailed entries
    Book of annual entries
    Question # 3 of 15 ( Start time: 05:16:49 PM ) Total Marks: 1
    Financial statements are a subset of which of the following?
    Select correct option:
    Financial reporting
    Financial statement analysis
    Accounting information
    Accounting system
    Question # 4 of 15 ( Start time: 05:17:09 PM ) Total Marks: 1
    Which of the following account would be classified as a current asset on the balance
    sheet?
    Select correct option:
    Accumulated depreciation
    Accounts receivable
    Office equipment
    Land
    Question # 5 of 15 ( Start time: 05:17:27 PM ) Total Marks: 1
    Pre-paid expense is a(n) _________ type of account.
    Select correct option:
    Liability
    Asset
    Revenue
    Expense
    Question # 7 of 15 ( Start time: 05:18:01 PM ) Total Marks: 1


    Mr. A purchases a piece of land for cash and debit made to machinery account. What
    would be the effect of this error on the trial balance?
    Select correct option:
    Debit side would be decrease with the same amount
    Credit side would be increase with the same amount
    Total of the trial balance would be agree in all aspect
    None of the given options
    Question # 8 of 15 ( Start time: 05:18:24 PM ) Total Marks: 1
    Resources owned by a business are called:
    Select correct option:
    Owner’s equity
    Assets
    Reserves
    Liabilities
    Question # 9 of 15 ( Start time: 05:18:42 PM ) Total Marks: 1
    To record the payments of a previously recorded account payable requires:
    Select correct option:
    Debit to accounts payable account
    Credit to accounts Payable account
    Debit to notes Payable account
    Credit to notes Payable account
    Question # 10 of 15 ( Start time: 05:20:06 PM ) Total Marks: 1
    Which of the following is not true about the “Account”?
    Select correct option:
    Accounts are only prepared by the business entities
    Account always reflects the amount of the single transaction only
    Account is effected both by economic and non economic events
    All of the given options
    Question # 11 of 15 ( Start time: 05:20:20 PM ) Total Marks: 1
    The year in which long term assets are expected to be mature, will be transfer to
    _______________section of the balance sheet.
    Select correct option:
    Current asset


    Deferred asset
    Current liabilities
    Fixed assets
    Question # 12 of 15 ( Start time: 05:21:45 PM ) Total Marks: 1
    Which of the following financial statement shows the financial performance over a period
    of time?
    Select correct option:
    Balance sheet
    Income statement
    Statement of cash flows
    Statement of changes in equity
    Question # 13 of 15 ( Start time: 05:22:40 PM ) Total Marks: 1
    Accrued incomes and the closing stock are the example of:
    Select correct option:
    Current assets
    Current liabilities
    Operating expense
    Above II and I respectively
    Question # 14 of 15 ( Start time: 05:23:24 PM ) Total Marks: 1
    Which of the following is/are current asset?
    Select correct option:
    Rent paid for next six months
    Cash at bank
    Investments in stock market for two weeks
    All of the given option
    Question # 15 of 15 ( Start time: 05:23:33 PM ) Total Marks: 1
    Which of the following is the first step of the accounting cycle?
    Select correct option:
    Making adjusting entries
    Preparation of the financial statements
    Posting in the ledger accounts
    Analyze and journalize transactions as they occur
    Question # 1 of 15 ( Start time: 05:39:42 PM ) Total Marks: 1
    Which one of the following is the part of the income statement?


    Select correct option:
    Capital
    Accounts receivables
    Advertising expenses
    Accounts payable
    Question # 2 of 15 ( Start time: 05:40:03 PM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle
    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 3 of 15 ( Start time: 05:40:19 PM ) Total Marks: 1
    Which one of the following statement shows the effects of cash inflows and outflows?
    Select correct option:
    Balance Sheet
    Statement of Owner’s Equity
    Income Statement
    Statement of Cash Flows
    Question # 4 of 15 ( Start time: 05:40:28 PM ) Total Marks: 1
    Which of the following is/are true about the journal entry?
    Select correct option:
    It is recording before posting in a ledger
    It always effect two sides of accounts
    It is recorded chronologically
    All of the given options
    Question # 5 of 15 ( Start time: 05:40:38 PM ) Total Marks: 1
    Financial statements are a subset of which of the following?
    Select correct option:
    Financial reporting
    Financial statement analysis
    Accounting information
    Accounting system


    Question # 6 of 15 ( Start time: 05:40:45 PM ) Total Marks: 1
    According to _______ the personal expenses paid by Mr. A from his own pocket would
    not be recorded in business books of account.
    Select correct option:
    Realization principle
    Separate entity principle
    Matching principle
    Materiality principle
    Question # 7 of 15 ( Start time: 05:41:01 PM ) Total Marks: 1
    On November 30, 2008 ABC Company borrowed Rs. 4,000 from bank by issuing an
    interest-bearing note payable. This loan is to be paid in three months along with interest
    computed at an annual rate of 9%. What will be the entry on Nov 30 to record this
    borrowing?
    Select correct option:
    Cash – Debit; Notes payable – Credit
    Notes payable – Debit; Cash – Credit
    Interest expense – Debit; Cash – Credit
    Interest payable – Debit; Notes payable - Credit
    Question # 8 of 15 ( Start time: 05:41:18 PM ) Total Marks: 1
    A journal entry that has more than one debit or credit is known as:
    Select correct option:
    Double entry
    Multiple entry
    Compound entry
    None of the given option
    Question # 9 of 15 ( Start time: 05:41:41 PM ) Total Marks: 1
    How many basic types of adjusting entries are there?
    Select correct option:
    Two types
    Three types
    Four types
    Ten types
    Question # 10 of 15 ( Start time: 05:41:58 PM ) Total Marks: 1
    Which of the following would represent a non-cash expense for the business?
    Select correct option:


    Cost of building
    Cost of inventory
    Cost of office equipment
    Depreciation of building
    Question # 11 of 15 ( Start time: 05:42:15 PM ) Total Marks: 1
    The investments made by the business for ten years in a saving scheme will be classified
    as:
    Select correct option:
    Fixed assets
    Long term asset
    Liquid asset
    Bonds
    Question # 12 of 15 ( Start time: 05:42:33 PM ) Total Marks: 1
    Which one of the following would lead to the decrease in the owner’s equity?
    Select correct option:
    Purchasing a piece of land
    Paying dividends to shareholders
    Purchasing equipment on account
    Paying back the principal of a loan
    Question # 13 of 15 ( Start time: 05:42:50 PM ) Total Marks: 1
    Which of the following is NOT the example of deferred cost?
    Select correct option:
    Prepaid insurance
    Research and development expenditure
    Payments for trademark for Current year
    Rent payments in advance
    Question # 14 of 15 ( Start time: 05:44:16 PM ) Total Marks: 1
    Which of the following expenses would normally be classified as Other or Non Operating
    Expense on a multiple-step income statement?
    Select correct option:
    Interest expense
    Depreciation expense
    Insurance expense
    Salaries expense


    Question # 15 of 15 ( Start time: 05:44:35 PM ) Total Marks: 1
    Which of the following is/are current asset?
    Select correct option:
    Rent paid for next six months
    Cash at bank
    Investments in stock market for two weeks
    All of the given option
    Question # 1 of 15 ( Start time: 07:31:56 PM ) Total Marks: 1
    Which of the following is not true about the “Account”?
    Select correct option:
    Accounts are only prepared by the business entities
    Account always reflects the amount of the single transaction only
    Account is effected both by economic and non economic events
    All of the given options
    Question # 2 of 15 ( Start time: 07:33:17 PM ) Total Marks: 1
    Which of the following is NOT one of the three items required to be shown in the
    heading of a financial statement?
    Select correct option:
    The preparation date of the financial statement
    The title of the financial statement
    The unit of measure in the financial statement
    The name of the business entity
    Question # 3 of 15 ( Start time: 07:34:12 PM ) Total Marks: 1
    End product of the accounting cycle is known as the__________
    Select correct option:
    Tax return
    Financial statements
    Auditor’s annual report
    Annual general meeting
    Question # 4 of 15 ( Start time: 07:34:38 PM ) Total Marks: 1
    Which of the following is TRUE about both sides of the trial balance?
    Select correct option:
    Both sides are always positive
    Both sides are negative
    Both sides are equal


    Both sides are not linked which each other
    Question # 5 of 15 ( Start time: 07:35:12 PM ) Total Marks: 1
    How would an increase in owner’s equity be recorded?
    Select correct option:
    Debit
    Credit
    No effect
    Statement is wrong
    Question # 6 of 15 ( Start time: 07:35:41 PM ) Total Marks: 1
    Which of the following account would NOT be closed to the income summary account at
    the end of a period?
    Select correct option:
    Rent expense
    Revenue earned
    Wages expense
    Accumulated depreciation
    Question # 7 of 15 ( Start time: 07:36:14 PM ) Total Marks: 1
    How many parts does each account have?
    Select correct option:
    Two
    Four
    Three
    Five
    Question # 8 of 15 ( Start time: 07:36:38 PM ) Total Marks: 1
    Financial statements are a subset of which of the following?
    Select correct option:
    Financial reporting
    Financial statement analysis
    Accounting information
    Accounting system
    Question # 9 of 15 ( Start time: 07:37:10 PM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle


    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 10 of 15 ( Start time: 07:38:14 PM ) Total Marks: 1
    Mr. A purchases a piece of land for cash and debit made to machinery account. What
    would be the effect of this error on the trial balance?
    Select correct option:
    Debit side would be decrease with the same amount
    Credit side would be increase with the same amount
    Total of the trial balance would be agree in all aspect
    None of the given options
    Question # 11 of 15 ( Start time: 07:39:33 PM ) Total Marks: 1
    Accounting is called the “language of business” because__________:
    Select correct option:
    It communicates the financial information to the Management only
    In order to run a business one must have knowledge about accounting
    Different business accounts are involved in financial statements
    It helps to organize and communicate financial information to end users
    Question # 12 of 15 ( Start time: 07:40:18 PM ) Total Marks: 1
    Which of the following is/are current asset?
    Select correct option:
    Rent paid for next six months
    Cash at bank
    Investments in stock market for two weeks
    All of the given option
    Question # 13 of 15 ( Start time: 07:41:03 PM ) Total Marks: 1
    Which of the following is the third step of accounting cycle?
    Select correct option:
    Preparing financial statements
    Preparing trial balance
    Posting
    Making adjusting entries
    Question # 14 of 15 ( Start time: 07:42:30 PM ) Total Marks: 1
    ABC Company has Rs. 150,000 cash, Rs. 80,000 as accounts receivables, Rs. 20,000 as


    allowance for doubtful accounts, Rs. 10,000 as work in progress inventory, Rs. 55,000 as
    prepaid expenses, Rs. 50,000 land purchased in the current year. Calculate the value of
    current assets.
    Select correct option:
    Rs. 275,000
    Rs. 315,000
    Rs. 365,000
    Rs. 220,000
    Question # 15 of 15 ( Start time: 07:43:54 PM ) Total Marks: 1
    The definition of cash as used in “Cash Flow Statements” includes:
    Select correct option:
    Only cash balances
    Only bank balances
    Bank balances and bank overdrafts
    Cash in hand plus bank balances less bank overdrafts
    Question # 2 of 15 ( Start time: 01:22:08 AM ) Total Marks: 1
    Company XYZ purchases Machinery on credit; Journal entry would be:
    Select correct option:
    Accounts Payable debit; Machinery Credit
    Accounts Receivable debit; Machinery Credit
    Machinery Debit; Accounts Payable credit
    Machinery Debit; Accounts Receivable credit
    Question # 3 of 15 ( Start time: 01:22:47 AM ) Total Marks: 1
    Adjusting entries are required for which of the following accounts?
    Select correct option:
    Income Summary accounts
    Revenue and expense accounts
    All types of accounts
    Assets and liabilities accounts
    Question # 4 of 15 ( Start time: 01:24:15 AM ) Total Marks: 1
    In which of the following account, a credit balance would be an evidence for a mistake or
    an error?
    Select correct option:
    Mr. A Capital Account


    Cash account
    Notes payable account
    Drawings account
    Question # 5 of 15 ( Start time: 01:25:44 AM ) Total Marks: 1
    Which of the following would be considered a cash-flow item from an "operating"
    activity?
    Select correct option:
    Cash outflow to the government for taxes
    Cash outflow to shareholders as dividends
    Cash inflow to the firm from selling new common equity shares
    Cash outflow to purchase bonds issued by another company
    Question # 6 of 15 ( Start time: 01:27:05 AM ) Total Marks: 1
    Which of the following account would be classified as a current asset on the balance
    sheet?
    Select correct option:
    Accumulated depreciation
    Accounts receivable
    Office equipment
    Land
    Question # 7 of 15 ( Start time: 01:27:41 AM ) Total Marks: 1
    How the transactions in a journal are initially recorded?
    Select correct option:
    Alphabetical order
    Ascending order
    Chronological order
    Alphanumeric order
    Question # 8 of 15 ( Start time: 01:28:11 AM ) Total Marks: 1
    Which of the following terms present a cause and effect relationship with each other?
    Select correct option:
    Income statement and balance sheet
    Revenue and assets
    Assets and liabilities
    Revenues and expenses
    Question # 9 of 15 ( Start time: 01:29:38 AM ) Total Marks: 1


    Use the following information to calculate net cash from investing activities: sell a capital
    asset for Rs. 10,000 cash and a Rs. 1,000 gain; purchase a bond investment for Rs.
    16,000; receive Rs. 2,000 interest payment from the bond investment; and pay off a Rs.
    3,000 mortgage payable.
    Select correct option:
    Rs. 6,000 net cash
    Rs. 4,000 net cash
    Rs. 5,000 net cash
    Rs. 9,000 net cash
    Question # 10 of 15 ( Start time: 01:31:07 AM ) Total Marks: 1
    A business has purchased a building on cash, how it would be recorded in the journal?
    Select correct option:
    Building - Debit; Cash - Credit
    Cash - Debit; Building - Credit
    Building - Debit; Owner’s equity - Credit
    Building - Debit; Accounts Payable - Credit
    Question # 11 of 15 ( Start time: 01:32:00 AM ) Total Marks: 1
    Which of the following is NOT one of the four basic financial statements?
    Select correct option:
    Balance sheet
    Audit report
    Income statement
    Statement of cash flows
    Question # 12 of 15 ( Start time: 01:32:25 AM ) Total Marks: 1
    Cash has been described as:
    Select correct option:
    The lifebuoy of the business
    The lifeboat of the business
    The lifeline of the business
    The lifeblood of the business
    Question # 13 of 15 ( Start time: 01:33:07 AM ) Total Marks: 1
    Which of the following refers to the term “posting”?
    Select correct option:
    The recording of transactions


    The system of giving numbers to the accounts
    Transferring the debits and credits to ledger
    Transferring the debits and credits to journal
    Question # 14 of 15 ( Start time: 01:34:18 AM ) Total Marks: 1
    An advantage of the single-step income statement over the multi-step form is:
    Select correct option:
    Its use in computing ratios
    Its simplicity
    Its comprehensiveness
    The amount of information it provides
    Question # 15 of 15 ( Start time: 01:35:48 AM ) Total Marks: 1
    Which of the following is the next step after the preparation of trial balance?
    Select correct option:
    Adjusted trial balance
    Financial statements
    Adjusting entries
    Closing entries
    Question # 1 of 15 ( Start time: 02:28:25 AM ) Total Marks: 1
    Accounting is called the “language of business” because____________:
    Select correct option:
    It communicates the financial information to the Management only
    In order to run a business one must have knowledge about accounting
    Different business accounts are involved in financial statements
    It helps to organize and communicate financial information to end users
    Question # 2 of 15 ( Start time: 02:28:55 AM ) Total Marks: 1
    An account that will not be included in "After Closing Trial Balance" is:
    Select correct option:
    Bank account
    Depreciation account
    Notes payable account
    Unearned revenue account
    Question # 3 of 15 ( Start time: 02:30:22 AM ) Total Marks: 1
    Use the following information to calculate net cash from investing activities: sell a capital
    asset for Rs. 10,000 cash and a Rs. 1,000 gain; purchase a bond investment for Rs.


    16,000; receive Rs. 2,000 interest payment from the bond investment; and pay off a Rs.
    3,000 mortgage payable.
    Select correct option:
    Rs. 6,000 net cash
    Rs. 4,000 net cash
    Rs. 5,000 net cash
    Rs. 9,000 net cash
    Question # 4 of 15 ( Start time: 02:30:41 AM ) Total Marks: 1
    Current assets are those assets which management intends to convert into cash or
    consume within:
    Select correct option:
    The operating cycle
    One year
    The longer of operating cycle or one year
    The shorter of operating cycle or one year
    Question # 5 of 15 ( Start time: 02:31:02 AM ) Total Marks: 1
    Which of the following terms present a cause and effect relationship with each other?
    Select correct option:
    Income statement and balance sheet
    Revenue and assets
    Assets and liabilities
    Revenues and expenses
    Question # 6 of 15 ( Start time: 02:31:25 AM ) Total Marks: 1
    Company XYZ purchases Machinery on credit; Journal entry would be:
    Select correct option:
    Accounts Payable debit; Machinery Credit
    Accounts Receivable debit; Machinery Credit
    Machinery Debit; Accounts Payable credit
    Machinery Debit; Accounts Receivable credit
    Question # 7 of 15 ( Start time: 02:31:47 AM ) Total Marks: 1
    The appropriate journal entry to record equipment depreciation expense would consist of
    a debit to Depreciation Expense and a credit to which of the following accounts?
    Select correct option:
    Equipment


    Accumulated Depreciation: Equipment
    Retained Earnings
    Cash
    Question # 8 of 15 ( Start time: 02:32:28 AM ) Total Marks: 1
    Which of the following is NOT one of the four basic financial statements?
    Select correct option:
    Balance sheet
    Audit report
    Income statement
    Statement of cash flows
    Question # 9 of 15 ( Start time: 02:32:43 AM ) Total Marks: 1
    Which of the following is the next step after the preparation of trial balance?
    Select correct option:
    Adjusted trial balance
    Financial statements
    Adjusting entries
    Closing entries
    Question # 10 of 15 ( Start time: 02:32:57 AM ) Total Marks: 1
    All of the followings are the objectives of statement of cash flows EXCEPT:
    Select correct option:
    It is helpful for decision making by management
    It is used for reporting the net profit of the period
    It can be used for estimations for cash flows in future
    It is used to determine the liquidity of the business
    Question # 11 of 15 ( Start time: 02:33:58 AM ) Total Marks: 1
    Pre-paid expense is a(n) _________ type of account.
    Select correct option:
    Liability
    Asset
    Revenue
    Expense
    Question # 12 of 15 ( Start time: 02:34:30 AM ) Total Marks: 1
    Cash has been described as:
    Select correct option:


    The lifebuoy of the business
    The lifeboat of the business
    The lifeline of the business
    The lifeblood of the business
    Question # 13 of 15 ( Start time: 02:34:41 AM ) Total Marks: 1
    Which of the following is a special temporary account used to close all of the revenue
    and expense accounts?
    Select correct option:
    Close-out Summary
    Owner’s Capital
    Income Summary
    Temporary Summary
    Question # 14 of 15 ( Start time: 02:35:02 AM ) Total Marks: 1
    Which of the following account will appear in the post-closing trial balance?
    Select correct option:
    Owner’s Capital
    Service Fees Earned
    Income Summary
    Owner’s Withdrawals
    Question # 15 of 15 ( Start time: 02:36:22 AM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle
    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 1 of 15 ( Start time: 02:46:46 AM ) Total Marks: 1
    Which of the following account will appear in the post-closing trial balance?
    Select correct option:
    Owner’s Capital
    Service Fees Earned
    Income Summary
    Owner’s Withdrawals


    Question # 2 of 15 ( Start time: 02:47:06 AM ) Total Marks: 1
    If the estimated amount of depreciation on equipment for a period is Rs.2000, the
    adjusting entry to record depreciation would be:
    Select correct option:
    Depreciation expense - Debit; Equipment - Credit
    Depreciation expense - Debit; Accumulated depreciation - Credit
    Equipment - Debit; Depreciation expense - Credit
    Accumulated depreciation - Debit; Depreciation expense - Credit
    Question # 3 of 15 ( Start time: 02:47:50 AM ) Total Marks: 1
    Current assets are those assets which management intends to convert into cash or
    consume within:
    Select correct option:
    The operating cycle
    One year
    The longer of operating cycle or one year
    The shorter of operating cycle or one year
    Question # 4 of 15 ( Start time: 02:48:09 AM ) Total Marks: 1
    Adjusting entries are required for which of the following accounts?
    Select correct option:
    Income Summary accounts
    Revenue and expense accounts
    All types of accounts
    Assets and liabilities accounts
    Question # 5 of 15 ( Start time: 02:48:28 AM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle
    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 7 of 15 ( Start time: 02:50:20 AM ) Total Marks: 1
    Which of the following expenses would normally be classified as Other or Non Operating
    Expense on a multiple-step income statement?
    Select correct option:


    Interest expense
    Depreciation expense
    Insurance expense
    Salaries expense
    Question # 8 of 15 ( Start time: 02:51:42 AM ) Total Marks: 1
    Which of the following is/are current asset?
    Select correct option:
    Rent paid for next six months
    Cash at bank
    Investments in stock market for two weeks
    All of the given option
    Question # 9 of 15 ( Start time: 02:52:03 AM ) Total Marks: 1
    In which of the following account, a credit balance would be an evidence for a mistake or
    an error?
    Select correct option:
    Mr. A Capital Account
    Cash account
    Notes payable account
    Drawings account
    Question # 10 of 15 ( Start time: 02:52:22 AM ) Total Marks: 1
    Which of the following type of reports is most frequently used by external users, such as
    investors?
    Select correct option:
    Financial Statements
    Tax Forms
    Management Reports
    Audit reports
    Question # 11 of 15 ( Start time: 02:53:37 AM ) Total Marks: 1
    An advantage of the single-step income statement over the multi-step form is:
    Select correct option:
    Its use in computing ratios
    Its simplicity
    Its comprehensiveness
    The amount of information it provides


    Question # 12 of 15 ( Start time: 02:53:48 AM ) Total Marks: 1
    Which of the following is the largest single expense of most merchandising firms?
    Select correct option:
    Cost of goods sold
    Rent Expense
    Amortization Expense
    Salaries Expense
    Question # 13 of 15 ( Start time: 02:54:40 AM ) Total Marks: 1
    Which of the following is NOT one of the four basic financial statements?
    Select correct option:
    Balance sheet
    Audit report
    Income statement
    Statement of cash flows
    Question # 14 of 15 ( Start time: 02:54:56 AM ) Total Marks: 1
    Which one of the following is the part of the income statement?
    Select correct option:
    Capital
    Accounts receivables
    Advertising expenses
    Accounts payable
    Question # 15 of 15 ( Start time: 02:55:27 AM ) Total Marks: 1
    Adjusting entries are used to:
    Select correct option:
    Bring account balances up to date at year end
    Close temporary accounts at year end
    Close permanent accounts at year end
    Bring account balances at zero
    Question # 1 of 15 ( Start time: 03:07:55 AM ) Total Marks: 1
    Closing entries result in net income being calculated in the income summary account and
    then transferred to which of the following account?
    Select correct option:
    Revenue account
    Common Stock account


    Dividends account
    Retained Earnings account
    Question # 2 of 15 ( Start time: 03:09:21 AM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle
    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 3 of 15 ( Start time: 03:09:51 AM ) Total Marks: 1
    Which of the following is/are current asset?
    Select correct option:
    Rent paid for next six months
    Cash at bank
    Investments in stock market for two weeks
    All of the given option
    Question # 4 of 15 ( Start time: 03:10:17 AM ) Total Marks: 1
    Which of the following financial statement is based on accounting equation?
    Select correct option:
    Income Statement
    Statement of Cash Flow
    Balance Sheet
    Statement of retained earnings
    Question # 5 of 15 ( Start time: 03:10:44 AM ) Total Marks: 1
    There are five main kinds of current assets. Which of the following is NOT among them?
    Select correct option:
    Cash and equivalents
    Deferred income
    Accounts receivable
    Prepaid expenses
    Question # 6 of 15 ( Start time: 03:11:27 AM ) Total Marks: 1
    Which one of the following is the part of the income statement?
    Select correct option:


    Capital
    Accounts receivables
    Advertising expenses
    Accounts payable
    Question # 7 of 15 ( Start time: 03:11:48 AM ) Total Marks: 1
    Which of the following refers to the term “posting”?
    Select correct option:
    The recording of transactions
    The system of giving numbers to the accounts
    Transferring the debits and credits to ledger
    Transferring the debits and credits to journal
    Question # 8 of 15 ( Start time: 03:12:06 AM ) Total Marks: 1
    The appropriate journal entry to record equipment depreciation expense would consist of
    a debit to Depreciation Expense and a credit to which of the following accounts?
    Select correct option:
    Equipment
    Accumulated Depreciation: Equipment
    Retained Earnings
    Cash
    Question # 9 of 15 ( Start time: 03:12:19 AM ) Total Marks: 1
    The right side of an account is a:
    Select correct option:
    Debit side
    Credit side
    Balance of that account
    Carried to the next accounting period
    Question # 10 of 15 ( Start time: 03:12:42 AM ) Total Marks: 1
    An entry that effects more than one accounts is knows as _____________.
    Select correct option:
    Journal entry
    Compound entry
    Adjusting entry
    Reversing entry
    Question # 11 of 15 ( Start time: 03:13:36 AM ) Total Marks: 1


    Which of the following is the largest single expense of most merchandising firms?
    Select correct option:
    Cost of goods sold
    Rent Expense
    Amortization Expense
    Salaries Expense
    Question # 12 of 15 ( Start time: 03:13:55 AM ) Total Marks: 1
    Which of the following is TRUE about both sides of the trial balance?
    Select correct option:
    Both sides are always positive
    Both sides are negative
    Both sides are equal
    Both sides are not linked which each other
    Question # 13 of 15 ( Start time: 03:14:07 AM ) Total Marks: 1
    Statement of cash flows helps the investors and other stake holders to assess:
    Select correct option:
    The ability to generate future cash flows
    The liquidity of the business
    Ability to pay cash dividends in the future
    All of the given options
    Question # 14 of 15 ( Start time: 03:14:48 AM ) Total Marks: 1
    Which of the following is a special temporary account used to close all of the revenue
    and expense accounts?
    Select correct option:
    Close-out Summary
    Owner’s Capital
    Income Summary
    Temporary Summary
    Question # 15 of 15 ( Start time: 03:15:06 AM ) Total Marks: 1
    Which of the following terms present a cause and effect relationship with each other?
    Select correct option:
    Income statement and balance sheet
    Revenue and assets
    Assets and liabilities


    Revenues and expenses
    Question # 1 of 15 ( Start time: 03:22:06 AM ) Total Marks: 1
    All of the followings are the objectives of statement of cash flows EXCEPT:
    Select correct option:
    It is helpful for decision making by management
    It is used for reporting the net profit of the period
    It can be used for estimations for cash flows in future
    It is used to determine the liquidity of the business
    Question # 2 of 15 ( Start time: 03:22:23 AM ) Total Marks: 1
    Adjusting entries are used to:
    Select correct option:
    Bring account balances up to date at year end
    Close temporary accounts at year end
    Close permanent accounts at year end
    Bring account balances at zero
    Question # 3 of 15 ( Start time: 03:22:34 AM ) Total Marks: 1
    The basic purpose of financial statements is to assist users in evaluating the________
    Select correct option:
    Financial position
    Profitability of an organization
    Future prospects
    All of the given options
    Question # 4 of 15 ( Start time: 03:22:57 AM ) Total Marks: 1
    Which of the following financial statement is based on accounting equation?
    Select correct option:
    Income Statement
    Statement of Cash Flow
    Balance Sheet
    Statement of retained earnings
    Question # 5 of 15 ( Start time: 03:23:07 AM ) Total Marks: 1
    Which of the following is true about the “Profit” earned by the business?
    Select correct option:
    It shows the amount that is received from the customer in cash only


    It always results in increase in closing cash balance of a period
    It affects the owner’s equity and liabilities in balance sheet
    It may improves the liquidity position of a business
    Question # 6 of 15 ( Start time: 03:24:34 AM ) Total Marks: 1
    Mr. A purchases a piece of land for cash and debit made to machinery account. What
    would be the effect of this error on the trial balance?
    Select correct option:
    Debit side would be decrease with the same amount
    Credit side would be increase with the same amount
    Total of the trial balance would be agree in all aspect
    None of the given options
    Question # 7 of 15 ( Start time: 03:24:45 AM ) Total Marks: 1
    Which of the following term refers to each element of the Balance Sheet?
    Select correct option:
    Ledger
    Journal General
    T- Account
    Account
    Question # 8 of 15 ( Start time: 03:25:13 AM ) Total Marks: 1
    Resources owned by a business are called:
    Select correct option:
    Owner’s equity
    Assets
    Reserves
    Liabilities
    Question # 9 of 15 ( Start time: 03:25:47 AM ) Total Marks: 1
    Which of the following principle states that the assets are purchased for the use and not
    for resale purpose?
    Select correct option:
    Stable Currency principle
    Objectivity Principle
    Going-concern principle
    Cost Principle
    Question # 10 of 15 ( Start time: 03:27:13 AM ) Total Marks: 1


    A journal entry that has more than one debit or credit is known as:
    Select correct option:
    Double entry
    Multiple entry
    Compound entry
    None of the given option
    Question # 11 of 15 ( Start time: 03:28:02 AM ) Total Marks: 1
    Which of the following would be affected by the difference between revenues and
    expenses?
    Select correct option:
    Assets
    Owner’s equity
    Liabilities
    Capital
    Question # 12 of 15 ( Start time: 03:29:20 AM ) Total Marks: 1
    Which of the following principle provides the definite and factual basis for assets
    valuation?
    Select correct option:
    Stable Currency principle
    Objectivity Principle
    Matching Principle
    Cost Principle
    Question # 13 of 15 ( Start time: 03:30:33 AM ) Total Marks: 1
    Which of the following is true about "After closing trial balance"?
    Select correct option:
    It may consist of balances of only Real and Personal accounts
    It may consist of balances of only Nominal and Real accounts
    It may consist of balances of Nominal, Real and Personal accounts
    It may consist of balances of only Nominal and Personal accounts
    Question # 14 of 15 ( Start time: 03:32:02 AM ) Total Marks: 1
    An account that will not be included in "After Closing Trial Balance" is:
    Select correct option:
    Bank account
    Depreciation account


    Notes payable account
    Unearned revenue account
    Question # 15 of 15 ( Start time: 03:32:56 AM ) Total Marks: 1
    In which of the following account, a credit balance would be an evidence for a mistake or
    an error?
    Select correct option:
    Mr. A Capital Account
    Cash account
    Notes payable account
    Drawings account
    Question # 1 of 15 ( Start time: 03:55:54 AM ) Total Marks: 1
    Which of the following principle states that the assets are purchased for the use and not
    for resale purpose?
    Select correct option:
    Stable Currency principle
    Objectivity Principle
    Going-concern principle
    Cost Principle
    Question # 2 of 15 ( Start time: 03:56:07 AM ) Total Marks: 1
    Which of the following is an example of an accrual?
    Select correct option:
    Equipment purchased for use in the business
    Book-keeping fees collected but not yet earned
    Six months’ rent paid in advance
    Interest earned but not yet received
    Question # 3 of 15 ( Start time: 03:57:12 AM ) Total Marks: 1
    Which of the following is true about the “Profit” earned by the business?
    Select correct option:
    It shows the amount that is received from the customer in cash only
    It always results in increase in closing cash balance of a period
    It affects the owner’s equity and liabilities in balance sheet
    It may improves the liquidity position of a business
    Question # 4 of 15 ( Start time: 03:57:24 AM ) Total Marks: 1
    Which of the following is the most common adjusting entry?


    Select correct option:
    Un-earned revenue
    Pre-paid expense
    Depreciation expense
    Accrued revenue
    Question # 5 of 15 ( Start time: 03:58:16 AM ) Total Marks: 1
    Financial Statments are the end product of:
    Select correct option:
    Accounting Department
    Accounting Cycle
    Accountant
    Auditors
    Question # 6 of 15 ( Start time: 03:58:36 AM ) Total Marks: 1
    An account that will not be included in "After Closing Trial Balance" is:
    Select correct option:
    Bank account
    Depreciation account
    Notes payable account
    Unearned revenue account
    Question # 7 of 15 ( Start time: 03:58:48 AM ) Total Marks: 1
    Which of the following would be affected by the difference between revenues and
    expenses?
    Select correct option:
    Assets
    Owner’s equity
    Liabilities
    Capital
    Question # 8 of 15 ( Start time: 03:59:03 AM ) Total Marks: 1
    Which of the following is/are current asset?
    Select correct option:
    Rent paid for next six months
    Cash at bank
    Investments in stock market for two weeks
    All of the given option


    Question # 9 of 15 ( Start time: 03:59:16 AM ) Total Marks: 1
    Resources owned by a business are called:
    Select correct option:
    Owner’s equity
    Assets
    Reserves
    Liabilities
    Question # 10 of 15 ( Start time: 03:59:27 AM ) Total Marks: 1
    Using the following information calculate Net Income: Sales Revenue Rs.200, 000, Loss
    on Sale of Equipment Rs.10, 000, Amortization Expense Rs.20, 000 and Cost of Goods
    Sold Rs.50, 000.
    Select correct option:
    Rs. 170,000
    Rs. 130,000
    Rs. 120,000
    Rs. 180,000
    Question # 11 of 15 ( Start time: 04:00:35 AM ) Total Marks: 1
    If the estimated amount of depreciation on equipment for a period is Rs.2000, the
    adjusting entry to record depreciation would be:
    Select correct option:
    Depreciation expense - Debit; Equipment - Credit
    Depreciation expense - Debit; Accumulated depreciation - Credit
    Equipment - Debit; Depreciation expense - Credit
    Accumulated depreciation - Debit; Depreciation expense - Credit
    Question # 12 of 15 ( Start time: 04:00:48 AM ) Total Marks: 1
    Journal entries are done at the end of the accounting period for which type of accounts?
    Select correct option:
    Assets and liabilities
    Office supplies and office equipment
    Raw material and office supplies
    Depreciation and expenses
    Question # 13 of 15 ( Start time: 04:02:15 AM ) Total Marks: 1
    The Drawing account is closed by which of the following entry?
    Select correct option:


    Capital – Debit; Drawing - Credit
    Drawing – Debit; Capital - Credit
    Income Summary – Debit; Drawing - Crediting
    Drawing – Debit; Income Summary - Crediting
    Question # 14 of 15 ( Start time: 04:02:58 AM ) Total Marks: 1
    Cash has been described as:
    Select correct option:
    The lifebuoy of the business
    The lifeboat of the business
    The lifeline of the business
    The lifeblood of the business
    Question # 15 of 15 ( Start time: 04:03:08 AM ) Total Marks: 1
    Closing entries result in net income being calculated in the income summary account and
    then transferred to which of the following account?
    Select correct option:
    Revenue account
    Common Stock account
    Dividends account
    Retained Earnings account
    Question # 1 of 15 ( Start time: 04:10:47 AM ) Total Marks: 1
    The definition of cash as used in “Cash Flow Statements” includes:
    Select correct option:
    Only cash balances
    Only bank balances
    Bank balances and bank overdrafts
    Cash in hand plus bank balances less bank overdrafts
    Question # 2 of 15 ( Start time: 04:11:17 AM ) Total Marks: 1
    Cash has been described as:
    Select correct option:
    The lifebuoy of the business
    The lifeboat of the business
    The lifeline of the business
    The lifeblood of the business


    Question # 3 of 15 ( Start time: 04:11:53 AM ) Total Marks: 1
    Which of the following principle provides the definite and factual basis for assets
    valuation?
    Select correct option:
    Stable Currency principle
    Objectivity Principle
    Matching Principle
    Cost Principle
    Question # 4 of 15 ( Start time: 04:12:02 AM ) Total Marks: 1
    A journal entry that has more than one debit or credit is known as:
    Select correct option:
    Double entry
    Multiple entry
    Compound entry
    None of the given option
    Question # 5 of 15 ( Start time: 04:12:09 AM ) Total Marks: 1
    An entry that effects more than one accounts is knows as _____________.
    Select correct option:
    Journal entry
    Compound entry
    Adjusting entry
    Reversing entry
    Question # 6 of 15 ( Start time: 04:13:37 AM ) Total Marks: 1
    Which of the following type of reports is most frequently used by external users, such as
    investors?
    Select correct option:
    Financial Statements
    Tax Forms
    Management Reports
    Audit reports
    Question # 7 of 15 ( Start time: 04:13:48 AM ) Total Marks: 1
    The appropriate journal entry to record equipment depreciation expense would consist of
    a debit to Depreciation Expense and a credit to which of the following accounts?
    Select correct option:


    Equipment
    Accumulated Depreciation: Equipment
    Retained Earnings
    Cash
    Question # 8 of 15 ( Start time: 04:13:55 AM ) Total Marks: 1
    How would an increase in owner’s equity be recorded?
    Select correct option:
    Debit
    Credit
    No effect
    Statement is wrong
    Question # 9 of 15 ( Start time: 04:14:36 AM ) Total Marks: 1
    Which of the following is NOT an example of cash equivalents?
    Select correct option:
    Certificates of Deposit
    Money market accounts
    Money market mutual funds
    Euro Bond
    Question # 10 of 15 ( Start time: 04:16:02 AM ) Total Marks: 1
    Which of the following would be considered a cash-flow item from an "operating"
    activity?
    Select correct option:
    Cash outflow to the government for taxes
    Cash outflow to shareholders as dividends
    Cash inflow to the firm from selling new common equity shares
    Cash outflow to purchase bonds issued by another company
    Question # 11 of 15 ( Start time: 04:16:10 AM ) Total Marks: 1
    Which of the following financial statement is based on accounting equation?
    Select correct option:
    Income Statement
    Statement of Cash Flow
    Balance Sheet
    Statement of retained earnings
    Question # 12 of 15 ( Start time: 04:16:17 AM ) Total Marks: 1


    Which of the following is NOT one of the three items required to be shown in the
    heading of a financial statement?
    Select correct option:
    The preparation date of the financial statement
    The title of the financial statement
    The unit of measure in the financial statement
    The name of the business entity
    Question # 13 of 15 ( Start time: 04:16:26 AM ) Total Marks: 1
    Which of the following would be affected by the difference between revenues and
    expenses?
    Select correct option:
    Assets
    Owner’s equity
    Liabilities
    Capital
    Question # 14 of 15 ( Start time: 04:16:34 AM ) Total Marks: 1
    Which of the following is/are true about the journal entry?
    Select correct option:
    It is recording before posting in a ledger
    It always effect two sides of accounts
    It is recorded chronologically
    All of the given options
    Question # 15 of 15 ( Start time: 04:16:59 AM ) Total Marks: 1
    Which of the following may include the “analyzing the transaction” the first step of the
    accounting cycle?
    Select correct option:
    Determining the transaction amount
    Determining the effected accounts
    Identifying the event as a transaction
    All of the given options
    Question # 1 of 15 ( Start time: 04:42:23 AM ) Total Marks: 1
    An account that will not be included in "After Closing Trial Balance" is:
    Select correct option:
    Bank account


    Depreciation account
    Notes payable account
    Unearned revenue account
    Question # 2 of 15 ( Start time: 04:42:54 AM ) Total Marks: 1
    Closing entries result in net income being calculated in the income summary account and
    then transferred to which of the following account?
    Select correct option:
    Revenue account
    Common Stock account
    Dividends account
    Retained Earnings account
    Question # 3 of 15 ( Start time: 04:43:01 AM ) Total Marks: 1
    Financial Statments are the end product of:
    Select correct option:
    Accounting Department
    Accounting Cycle
    Accountant
    Auditors
    Question # 4 of 15 ( Start time: 04:43:08 AM ) Total Marks: 1
    Primary purpose of the cash flows statement is to provide the information about:
    Select correct option:
    Errors or discrepancies between cash book and income statement
    Receipts and payments of cash in the period
    Non cash adjustment that effect the income statement
    Cash paid to the customers and creditors of the business
    Question # 5 of 15 ( Start time: 04:44:33 AM ) Total Marks: 1
    Which of the following is true about the “Profit” earned by the business?
    Select correct option:
    It shows the amount that is received from the customer in cash only
    It always results in increase in closing cash balance of a period
    It affects the owner’s equity and liabilities in balance sheet
    It may improves the liquidity position of a business
    Question # 6 of 15 ( Start time: 04:44:44 AM ) Total Marks: 1
    The appropriate journal entry to record equipment depreciation expense would consist of


    a debit to Depreciation Expense and a credit to which of the following accounts?
    Select correct option:
    Equipment
    Accumulated Depreciation: Equipment
    Retained Earnings
    Cash
    Question # 7 of 15 ( Start time: 04:44:51 AM ) Total Marks: 1
    Which of the following is NOT one of the three items required to be shown in the
    heading of a financial statement?
    Select correct option:
    The preparation date of the financial statement
    The title of the financial statement
    The unit of measure in the financial statement
    The name of the business entity
    Question # 8 of 15 ( Start time: 04:44:57 AM ) Total Marks: 1
    Which of the following is NOT one of the four basic financial statements?
    Select correct option:
    Balance sheet
    Audit report
    Income statement
    Statement of cash flows
    Question # 9 of 15 ( Start time: 04:45:04 AM ) Total Marks: 1
    End product of the accounting cycle is known as the__________
    Select correct option:
    Tax return
    Financial statements
    Auditor’s annual report
    Annual general meeting
    Question # 10 of 15 ( Start time: 04:45:16 AM ) Total Marks: 1
    Which of the following is the third step of accounting cycle?
    Select correct option:
    Preparing financial statements
    Preparing trial balance
    Posting


    Making adjusting entries
    Question # 11 of 15 ( Start time: 04:45:24 AM ) Total Marks: 1
    Which of the following is TRUE about both sides of the trial balance?
    Select correct option:
    Both sides are always positive
    Both sides are negative
    Both sides are equal
    Both sides are not linked which each other
    Question # 12 of 15 ( Start time: 04:45:32 AM ) Total Marks: 1
    Which of the following represents the negative future cash flows for an enterprise?
    Select correct option:
    Assets
    Owner’s equity
    Liabilities
    Capital
    Question # 13 of 15 ( Start time: 04:46:44 AM ) Total Marks: 1
    The investments made by the business for ten years in a saving scheme will be classified
    as:
    Select correct option:
    Fixed assets
    Long term asset
    Liquid asset
    Bonds
    Question # 14 of 15 ( Start time: 04:47:12 AM ) Total Marks: 1
    Which of the following is true about "After closing trial balance"?
    Select correct option:
    It may consist of balances of only Real and Personal accounts
    It may consist of balances of only Nominal and Real accounts
    It may consist of balances of Nominal, Real and Personal accounts
    It may consist of balances of only Nominal and Personal accounts
    Question # 15 of 15 ( Start time: 04:47:20 AM ) Total Marks: 1
    Identifying that which two or more Accounts are affected by a particular financial
    transaction refers to which of the following?
    Select correct option:


    Analyzing the transaction
    Recording a transaction
    Vouchering a transaction
    Posting a transaction
    Question # 1 of 15 ( Start time: 04:53:17 AM ) Total Marks: 1
    Cash has been described as:
    Select correct option:
    The lifebuoy of the business
    The lifeboat of the business
    The lifeline of the business
    The lifeblood of the business
    Question # 2 of 15 ( Start time: 04:53:26 AM ) Total Marks: 1
    According to _______ the personal expenses paid by Mr. A from his own pocket would
    not be recorded in business books of account.
    Select correct option:
    Realization principle
    Separate entity principle
    Matching principle
    Materiality principle
    Question # 3 of 15 ( Start time: 04:54:53 AM ) Total Marks: 1
    Which of the following is an example of an accrual?
    Select correct option:
    Equipment purchased for use in the business
    Book-keeping fees collected but not yet earned
    Six months’ rent paid in advance
    Interest earned but not yet received
    Question # 4 of 15 ( Start time: 04:55:00 AM ) Total Marks: 1
    Which of the following is a special temporary account used to close all of the revenue
    and expense accounts?
    Select correct option:
    Close-out Summary
    Owner’s Capital
    Income Summary
    Temporary Summary


    Question # 5 of 15 ( Start time: 04:55:06 AM ) Total Marks: 1
    Primary purpose of the cash flows statement is to provide the information about:
    Select correct option:
    Errors or discrepancies between cash book and income statement
    Receipts and payments of cash in the period
    Non cash adjustment that effect the income statement
    Cash paid to the customers and creditors of the business
    Question # 6 of 15 ( Start time: 04:55:14 AM ) Total Marks: 1
    Financial statements are a subset of which of the following?
    Select correct option:
    Financial reporting
    Financial statement analysis
    Accounting information
    Accounting system
    Question # 7 of 15 ( Start time: 04:56:38 AM ) Total Marks: 1
    Which of the following is/are current asset?
    Select correct option:
    Rent paid for next six months
    Cash at bank
    Investments in stock market for two weeks
    All of the given option
    Question # 8 of 15 ( Start time: 04:56:47 AM ) Total Marks: 1
    Which of the following term refers to each element of the Balance Sheet?
    Select correct option:
    Ledger
    Journal General
    T- Account
    Account
    Question # 9 of 15 ( Start time: 04:56:54 AM ) Total Marks: 1
    Which of the following is NOT one of the three items required to be shown in the
    heading of a financial statement?
    Select correct option:
    The preparation date of the financial statement


    The title of the financial statement
    The unit of measure in the financial statement
    The name of the business entity
    Question # 10 of 15 ( Start time: 04:57:01 AM ) Total Marks: 1
    The investments made by the business for ten years in a saving scheme will be classified
    as:
    Select correct option:
    Fixed assets
    Long term asset
    Liquid asset
    Bonds
    Question # 11 of 15 ( Start time: 04:57:08 AM ) Total Marks: 1
    Net current assets are equivalent to:
    Select correct option:
    Stock plus debtors plus cash
    Current liabilities less current assets
    Working capital
    Fixed assets plus current assets less current liabilities
    Question # 12 of 15 ( Start time: 04:58:36 AM ) Total Marks: 1
    Current assets are those assets which management intends to convert into cash or
    consume within:
    Select correct option:
    The operating cycle
    One year
    The longer of operating cycle or one year
    The shorter of operating cycle or one year
    Question # 13 of 15 ( Start time: 04:58:46 AM ) Total Marks: 1
    Journal entries are done at the end of the accounting period for which type of accounts?
    Select correct option:
    Assets and liabilities
    Office supplies and office equipment
    Raw material and office supplies
    Depreciation and expenses
    Question # 14 of 15 ( Start time: 04:58:55 AM ) Total Marks: 1


    Which of the following is NOT an example of cash equivalents?
    Select correct option:
    Certificates of Deposit
    Money market accounts
    Money market mutual funds
    Euro Bond
    Question # 15 of 15 ( Start time: 04:59:01 AM ) Total Marks: 1
    The appropriate journal entry to record equipment depreciation expense would consist of
    a debit to Depreciation Expense and a credit to which of the following accounts?
    Select correct option:
    Equipment
    Accumulated Depreciation: Equipment
    Retained Earnings
    Cash
    Question # 1 of 15 ( Start time: 05:08:10 AM ) Total Marks: 1
    Which of the following is NOT one of the four basic financial statements?
    Select correct option:
    Balance sheet
    Audit report
    Income statement
    Statement of cash flows
    Question # 2 of 15 ( Start time: 05:08:19 AM ) Total Marks: 1
    Which of the following account will appear in the post-closing trial balance?
    Select correct option:
    Owner’s Capital
    Service Fees Earned
    Income Summary
    Owner’s Withdrawals
    Question # 3 of 15 ( Start time: 05:08:40 AM ) Total Marks: 1
    Which of the following financial statement is based on accounting equation?
    Select correct option:
    Income Statement
    Statement of Cash Flow
    Balance Sheet


    Statement of retained earnings
    Question # 4 of 15 ( Start time: 05:08:51 AM ) Total Marks: 1
    Using the following information calculate Net Income: Sales Revenue Rs.200, 000, Loss
    on Sale of Equipment Rs.10, 000, Amortization Expense Rs.20, 000 and Cost of Goods
    Sold Rs.50, 000.
    Select correct option:
    Rs. 170,000
    Rs. 130,000
    Rs. 120,000
    Rs. 180,000
    Question # 5 of 15 ( Start time: 05:09:06 AM ) Total Marks: 1
    Which of the following is NOT one of the three items required to be shown in the
    heading of a financial statement?
    Select correct option:
    The preparation date of the financial statement
    The title of the financial statement
    The unit of measure in the financial statement
    The name of the business entity
    Question # 6 of 15 ( Start time: 05:09:12 AM ) Total Marks: 1
    Which one of the following is the part of the income statement?
    Select correct option:
    Capital
    Accounts receivables
    Advertising expenses
    Accounts payable
    Question # 7 of 15 ( Start time: 05:09:19 AM ) Total Marks: 1
    The definition of cash as used in “Cash Flow Statements” includes:
    Select correct option:
    Only cash balances
    Only bank balances
    Bank balances and bank overdrafts
    Cash in hand plus bank balances less bank overdrafts
    Question # 8 of 15 ( Start time: 05:09:27 AM ) Total Marks: 1
    Which of the following is an example of an accrual?


    Select correct option:
    Equipment purchased for use in the business
    Book-keeping fees collected but not yet earned
    Six months’ rent paid in advance
    Interest earned but not yet received
    Question # 9 of 15 ( Start time: 05:09:34 AM ) Total Marks: 1
    On November 30, 2008 ABC Company borrowed Rs. 4,000 from bank by issuing an
    interest-bearing note payable. This loan is to be paid in three months along with interest
    computed at an annual rate of 9%. What will be the entry on Nov 30 to record this
    borrowing?
    Select correct option:
    Cash – Debit; Notes payable – Credit
    Notes payable – Debit; Cash – Credit
    Interest expense – Debit; Cash – Credit
    Interest payable – Debit; Notes payable - Credit
    Question # 10 of 15 ( Start time: 05:11:02 AM ) Total Marks: 1
    Net current assets are equivalent to:
    Select correct option:
    Stock plus debtors plus cash
    Current liabilities less current assets
    Working capital
    Fixed assets plus current assets less current liabilities
    Question # 11 of 15 ( Start time: 05:11:10 AM ) Total Marks: 1
    Which of the following is true about "After closing trial balance"?
    Select correct option:
    It may consist of balances of only Real and Personal accounts
    It may consist of balances of only Nominal and Real accounts
    It may consist of balances of Nominal, Real and Personal accounts
    It may consist of balances of only Nominal and Personal accounts
    Question # 12 of 15 ( Start time: 05:11:24 AM ) Total Marks: 1
    In which of the following account, a credit balance would be an evidence for a mistake or
    an error?
    Select correct option:
    Mr. A Capital Account


    Cash account
    Notes payable account
    Drawings account
    Question # 13 of 15 ( Start time: 05:11:33 AM ) Total Marks: 1
    Which of the following represents the negative future cash flows for an enterprise?
    Select correct option:
    Assets
    Owner’s equity
    Liabilities
    Capital
    Question # 14 of 15 ( Start time: 05:11:40 AM ) Total Marks: 1
    Which of the following would NOT be the characteristics of current assets?
    Select correct option:
    Likely to change before the next accounting period is over
    Not bought for resale
    Use as part of the firm's trading operations
    Liquidity
    Question # 15 of 15 ( Start time: 05:12:41 AM ) Total Marks: 1
    Which of the following account would NOT be closed to the income summary account at
    the end of a period?
    Select correct option:
    Rent expense
    Revenue earned
    Wages expense
    Accumulated depreciation
    Question # 1 of 15 ( Start time: 05:19:06 AM ) Total Marks: 1
    Which of the following principle provides the definite and factual basis for assets
    valuation?
    Select correct option:
    Stable Currency principle
    Objectivity Principle
    Matching Principle
    Cost Principle
    Question # 2 of 15 ( Start time: 05:19:24 AM ) Total Marks: 1


    How the transactions in a journal are initially recorded?
    Select correct option:
    Alphabetical order
    Ascending order
    Chronological order
    Alphanumeric order
    Question # 3 of 15 ( Start time: 05:19:33 AM ) Total Marks: 1
    There are five main kinds of current assets. Which of the following is NOT among them?
    Select correct option:
    Cash and equivalents
    Deferred income
    Accounts receivable
    Prepaid expenses
    Question # 4 of 15 ( Start time: 05:19:43 AM ) Total Marks: 1
    Adjusting entries are used to:
    Select correct option:
    Bring account balances up to date at year end
    Close temporary accounts at year end
    Close permanent accounts at year end
    Bring account balances at zero
    Question # 5 of 15 ( Start time: 05:19:49 AM ) Total Marks: 1
    Which of the following principle states that the assets are purchased for the use and not
    for resale purpose?
    Select correct option:
    Stable Currency principle
    Objectivity Principle
    Going-concern principle
    Cost Principle
    Question # 6 of 15 ( Start time: 05:19:56 AM ) Total Marks: 1
    Financial Statments are the end product of:
    Select correct option:
    Accounting Department
    Accounting Cycle
    Accountant


    Auditors
    Question # 7 of 15 ( Start time: 05:20:05 AM ) Total Marks: 1
    All of the followings are the objectives of statement of cash flows EXCEPT:
    Select correct option:
    It is helpful for decision making by management
    It is used for reporting the net profit of the period
    It can be used for estimations for cash flows in future
    It is used to determine the liquidity of the business
    Question # 8 of 15 ( Start time: 05:20:16 AM ) Total Marks: 1
    Identifying that which two or more Accounts are affected by a particular financial
    transaction refers to which of the following?
    Select correct option:
    Analyzing the transaction
    Recording a transaction
    Vouchering a transaction
    Posting a transaction
    Question # 9 of 15 ( Start time: 05:20:24 AM ) Total Marks: 1
    A journal entry that has more than one debit or credit is known as:
    Select correct option:
    Double entry
    Multiple entry
    Compound entry
    None of the given option
    Question # 10 of 15 ( Start time: 05:20:32 AM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle
    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 11 of 15 ( Start time: 05:21:00 AM ) Total Marks: 1
    The Drawing account is closed by which of the following entry?
    Select correct option:


    Capital – Debit; Drawing - Credit
    Drawing – Debit; Capital - Credit
    Income Summary – Debit; Drawing - Crediting
    Drawing – Debit; Income Summary - Crediting
    Question # 12 of 15 ( Start time: 05:21:54 AM ) Total Marks: 1
    Which of the following would be considered a cash-flow item from an "operating"
    activity?
    Select correct option:
    Cash outflow to the government for taxes
    Cash outflow to shareholders as dividends
    Cash inflow to the firm from selling new common equity shares
    Cash outflow to purchase bonds issued by another company
    Question # 13 of 15 ( Start time: 05:22:02 AM ) Total Marks: 1
    Cash has been described as:
    Select correct option:
    The lifebuoy of the business
    The lifeboat of the business
    The lifeline of the business
    The lifeblood of the business
    Question # 14 of 15 ( Start time: 05:22:10 AM ) Total Marks: 1
    Which of the following is NOT one of the three items required to be shown in the
    heading of a financial statement?
    Select correct option:
    The preparation date of the financial statement
    The title of the financial statement
    The unit of measure in the financial statement
    The name of the business entity
    Question # 15 of 15 ( Start time: 05:22:16 AM ) Total Marks: 1
    Journal entries are done at the end of the accounting period for which type of accounts?
    Select correct option:
    Assets and liabilities
    Office supplies and office equipment
    Raw material and office supplies
    Depreciation and expenses


    Question # 1 of 15 ( Start time: 05:26:25 AM ) Total Marks: 1
    Which of the following terms present a cause and effect relationship with each other?
    Select correct option:
    Income statement and balance sheet
    Revenue and assets
    Assets and liabilities
    Revenues and expenses
    Question # 2 of 15 ( Start time: 05:26:34 AM ) Total Marks: 1
    Net current assets are equivalent to:
    Select correct option:
    Stock plus debtors plus cash
    Current liabilities less current assets
    Working capital
    Fixed assets plus current assets less current liabilities
    Question # 3 of 15 ( Start time: 05:26:41 AM ) Total Marks: 1
    Which of the following account will appear in the post-closing trial balance?
    Select correct option:
    Owner’s Capital
    Service Fees Earned
    Income Summary
    Owner’s Withdrawals
    Question # 4 of 15 ( Start time: 05:26:49 AM ) Total Marks: 1
    Which of the following is an example of an accrual?
    Select correct option:
    Equipment purchased for use in the business
    Book-keeping fees collected but not yet earned
    Six months’ rent paid in advance
    Interest earned but not yet received
    Question # 5 of 15 ( Start time: 05:26:56 AM ) Total Marks: 1
    Which of the following would NOT be the characteristics of current assets?
    Select correct option:
    Likely to change before the next accounting period is over
    Not bought for resale
    Use as part of the firm's trading operations


    Liquidity
    Question # 6 of 15 ( Start time: 05:27:03 AM ) Total Marks: 1
    How would an increase in owner’s equity be recorded?
    Select correct option:
    Debit
    Credit
    No effect
    Statement is wrong
    Question # 7 of 15 ( Start time: 05:27:11 AM ) Total Marks: 1
    Which of the following represents the resources owned by a business?
    Select correct option:
    Liabilities
    Owner’s Equity
    Assets
    Revenue
    Question # 8 of 15 ( Start time: 05:28:00 AM ) Total Marks: 1
    Which of the following is NOT one of the four basic financial statements?
    Select correct option:
    Balance sheet
    Audit report
    Income statement
    Statement of cash flows
    Question # 9 of 15 ( Start time: 05:28:08 AM ) Total Marks: 1
    Identify the statement that is NOT true about the Incomes Account and Expenses
    Account:
    Select correct option:
    These are the temporary accounts
    These are closed in Income summery account
    These may included in closing trial balance
    These are also known as Nominal Accounts
    Question # 10 of 15 ( Start time: 05:28:53 AM ) Total Marks: 1
    Which of the following represents the negative future cash flows for an enterprise?
    Select correct option:


    Assets
    Owner’s equity
    Liabilities
    Capital
    Question # 11 of 15 ( Start time: 05:29:01 AM ) Total Marks: 1
    How many parts does each account have?
    Select correct option:
    Two
    Four
    Three
    Five
    Question # 12 of 15 ( Start time: 05:29:18 AM ) Total Marks: 1
    Which of the following account would be classified as a current asset on the balance
    sheet?
    Select correct option:
    Accumulated depreciation
    Accounts receivable
    Office equipment
    Land
    Question # 13 of 15 ( Start time: 05:30:12 AM ) Total Marks: 1
    Which of the following account would NOT be closed to the income summary account at
    the end of a period?
    Select correct option:
    Rent expense
    Revenue earned
    Wages expense
    Accumulated depreciation
    Question # 14 of 15 ( Start time: 05:30:24 AM ) Total Marks: 1
    Which of the following would represent a non-cash expense for the business?
    Select correct option:
    Cost of building
    Cost of inventory
    Cost of office equipment
    Depreciation of building


    Question # 15 of 15 ( Start time: 05:30:56 AM ) Total Marks: 1
    Financial Statments are the end product of:
    Select correct option:
    Accounting Department
    Accounting Cycle
    Accountant
    Auditors
    Question # 1 of 15 ( Start time: 05:40:48 AM ) Total Marks: 1
    Pre-paid expense is a(n) _________ type of account.
    Select correct option:
    Liability
    Asset
    Revenue
    Expense
    Question # 2 of 15 ( Start time: 05:41:06 AM ) Total Marks: 1
    Journal entries are done at the end of the accounting period for which type of accounts?
    Select correct option:
    Assets and liabilities
    Office supplies and office equipment
    Raw material and office supplies
    Depreciation and expenses
    Question # 3 of 15 ( Start time: 05:41:13 AM ) Total Marks: 1
    Using the following information calculate Net Income: Sales Revenue Rs.200, 000, Loss
    on Sale of Equipment Rs.10, 000, Amortization Expense Rs.20, 000 and Cost of Goods
    Sold Rs.50, 000.
    Select correct option:
    Rs. 170,000
    Rs. 130,000
    Rs. 120,000
    Rs. 180,000
    Question # 4 of 15 ( Start time: 05:41:20 AM ) Total Marks: 1
    Which of the following is a special temporary account used to close all of the revenue
    and expense accounts?
    Select correct option:


    Close-out Summary
    Owner’s Capital
    Income Summary
    Temporary Summary
    Question # 5 of 15 ( Start time: 05:41:26 AM ) Total Marks: 1
    Which of the following is the second name for the journal?
    Select correct option:
    Book of default entries
    Book of original entries
    Book of detailed entries
    Book of annual entries
    Question # 6 of 15 ( Start time: 05:42:23 AM ) Total Marks: 1
    An advantage of the single-step income statement over the multi-step form is:
    Select correct option:
    Its use in computing ratios
    Its simplicity
    Its comprehensiveness
    The amount of information it provides
    Question # 7 of 15 ( Start time: 05:42:30 AM ) Total Marks: 1
    Which of the following account would be classified as a current asset on the balance
    sheet?
    Select correct option:
    Accumulated depreciation
    Accounts receivable
    Office equipment
    Land
    Question # 8 of 15 ( Start time: 05:42:37 AM ) Total Marks: 1
    Which of the following would be considered a cash-flow item from an "operating"
    activity?
    Select correct option:
    Cash outflow to the government for taxes
    Cash outflow to shareholders as dividends
    Cash inflow to the firm from selling new common equity shares
    Cash outflow to purchase bonds issued by another company


    Question # 9 of 15 ( Start time: 05:42:44 AM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle
    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 10 of 15 ( Start time: 05:42:50 AM ) Total Marks: 1
    On November 30, 2008 ABC Company borrowed Rs. 4,000 from bank by issuing an
    interest-bearing note payable. This loan is to be paid in three months along with interest
    computed at an annual rate of 9%. What will be the entry on Nov 30 to record this
    borrowing?
    Select correct option:
    Cash – Debit; Notes payable – Credit
    Notes payable – Debit; Cash – Credit
    Interest expense – Debit; Cash – Credit
    Interest payable – Debit; Notes payable - Credit
    Question # 11 of 15 ( Start time: 05:42:59 AM ) Total Marks: 1
    Which of the following would represent a non-cash expense for the business?
    Select correct option:
    Cost of building
    Cost of inventory
    Cost of office equipment
    Depreciation of building
    Question # 12 of 15 ( Start time: 05:43:06 AM ) Total Marks: 1
    ABC Company has Rs. 150,000 cash, Rs. 80,000 as accounts receivables, Rs. 20,000 as
    allowance for doubtful accounts, Rs. 10,000 as work in progress inventory, Rs. 55,000 as
    prepaid expenses, Rs. 50,000 land purchased in the current year. Calculate the value of
    current assets.
    Select correct option:
    Rs. 275,000
    Rs. 315,000
    Rs. 365,000
    Rs. 220,000
    Question # 13 of 15 ( Start time: 05:43:12 AM ) Total Marks: 1


    The right side of an account is a:
    Select correct option:
    Debit side
    Credit side
    Balance of that account
    Carried to the next accounting period
    Question # 14 of 15 ( Start time: 05:43:21 AM ) Total Marks: 1
    Which of the following is the most common adjusting entry?
    Select correct option:
    Un-earned revenue
    Pre-paid expense
    Depreciation expense
    Accrued revenue
    Question # 15 of 15 ( Start time: 05:43:31 AM ) Total Marks: 1
    Which of the following account will appear in the post-closing trial balance?
    Select correct option:
    Owner’s Capital
    Service Fees Earned
    Income Summary
    Owner’s Withdrawals
    Question # 1 of 15 ( Start time: 05:46:12 AM ) Total Marks: 1
    Current assets are those assets which management intends to convert into cash or
    consume within:
    Select correct option:
    The operating cycle
    One year
    The longer of operating cycle or one year
    The shorter of operating cycle or one year
    Question # 2 of 15 ( Start time: 05:46:19 AM ) Total Marks: 1
    All of the followings are the objectives of statement of cash flows EXCEPT:
    Select correct option:
    It is helpful for decision making by management
    It is used for reporting the net profit of the period
    It can be used for estimations for cash flows in future


    It is used to determine the liquidity of the business
    Question # 3 of 15 ( Start time: 05:46:28 AM ) Total Marks: 1
    Adjusting entries are required for which of the following accounts?
    Select correct option:
    Income Summary accounts
    Revenue and expense accounts
    All types of accounts
    Assets and liabilities accounts
    Question # 4 of 15 ( Start time: 05:46:34 AM ) Total Marks: 1
    Which of the following is not true about the “Account”?
    Select correct option:
    Accounts are only prepared by the business entities
    Account always reflects the amount of the single transaction only
    Account is effected both by economic and non economic events
    All of the given options
    Question # 5 of 15 ( Start time: 05:47:00 AM ) Total Marks: 1
    Which of the following principle is used for recording a revenue?
    Select correct option:
    Matching Principle
    Cost Principle
    Realization Principle
    Objectivity Principle
    Question # 6 of 15 ( Start time: 05:47:11 AM ) Total Marks: 1
    Which of the following is the second name for the journal?
    Select correct option:
    Book of default entries
    Book of original entries
    Book of detailed entries
    Book of annual entries
    Question # 7 of 15 ( Start time: 05:47:17 AM ) Total Marks: 1
    The basic purpose of financial statements is to assist users in evaluating the________
    Select correct option:
    Financial position


    Profitability of an organization
    Future prospects
    All of the given options
    Question # 8 of 15 ( Start time: 05:47:25 AM ) Total Marks: 1
    Pre-paid expense is a(n) _________ type of account.
    Select correct option:
    Liability
    Asset
    Revenue
    Expense
    Question # 9 of 15 ( Start time: 05:47:32 AM ) Total Marks: 1
    Which of the following would represent a non-cash expense for the business?
    Select correct option:
    Cost of building
    Cost of inventory
    Cost of office equipment
    Depreciation of building
    Question # 10 of 15 ( Start time: 05:47:37 AM ) Total Marks: 1
    Mr. A purchases a piece of land for cash and debit made to machinery account. What
    would be the effect of this error on the trial balance?
    Select correct option:
    Debit side would be decrease with the same amount
    Credit side would be increase with the same amount
    Total of the trial balance would be agree in all aspect
    None of the given options
    Question # 11 of 15 ( Start time: 05:47:46 AM ) Total Marks: 1
    Which of the following is the third step of accounting cycle?
    Select correct option:
    Preparing financial statements
    Preparing trial balance
    Posting
    Making adjusting entries
    Question # 12 of 15 ( Start time: 05:47:53 AM ) Total Marks: 1
    Resources owned by a business are called:


    Select correct option:
    Owner’s equity
    Assets
    Reserves
    Liabilities
    Question # 13 of 15 ( Start time: 05:48:00 AM ) Total Marks: 1
    All of the following accounts would be closed in Income Summery Account EXCEPT:
    Select correct option:
    Commission earned account
    Prepaid insurance
    Salaries Expense account
    Wages account
    Question # 14 of 15 ( Start time: 05:49:25 AM ) Total Marks: 1
    Which one of the following statement shows the effects of cash inflows and outflows?
    Select correct option:
    Balance Sheet
    Statement of Owner’s Equity
    Income Statement
    Statement of Cash Flows
    Question # 15 of 15 ( Start time: 05:49:50 AM ) Total Marks: 1
    Accounting is called the “language of business” because____________:
    Select correct option:
    It communicates the financial information to the Management only
    In order to run a business one must have knowledge about accounting
    Different business accounts are involved in financial statements
    It helps to organize and communicate financial information to end users
    Question # 1 of 15 ( Start time: 05:53:18 AM ) Total Marks: 1
    Which of the following principle provides the definite and factual basis for assets
    valuation?
    Select correct option:
    Stable Currency principle
    Objectivity Principle
    Matching Principle
    Cost Principle


    Question # 2 of 15 ( Start time: 05:53:36 AM ) Total Marks: 1
    Which of the following would be considered a cash-flow item from an "operating"
    activity?
    Select correct option:
    Cash outflow to the government for taxes
    Cash outflow to shareholders as dividends
    Cash inflow to the firm from selling new common equity shares
    Cash outflow to purchase bonds issued by another company
    Question # 3 of 15 ( Start time: 05:53:42 AM ) Total Marks: 1
    Financial statements are a subset of which of the following?
    Select correct option:
    Financial reporting
    Financial statement analysis
    Accounting information
    Accounting system
    Question # 4 of 15 ( Start time: 05:53:49 AM ) Total Marks: 1
    The definition of cash as used in “Cash Flow Statements” includes:
    Select correct option:
    Only cash balances
    Only bank balances
    Bank balances and bank overdrafts
    Cash in hand plus bank balances less bank overdrafts
    Question # 5 of 15 ( Start time: 05:53:56 AM ) Total Marks: 1
    Which of the following is true about the “Profit” earned by the business?
    Select correct option:
    It shows the amount that is received from the customer in cash only
    It always results in increase in closing cash balance of a period
    It affects the owner’s equity and liabilities in balance sheet
    It may improves the liquidity position of a business
    Question # 6 of 15 ( Start time: 05:54:11 AM ) Total Marks: 1
    Journal entries are done at the end of the accounting period for which type of accounts?
    Select correct option:
    Assets and liabilities


    Office supplies and office equipment
    Raw material and office supplies
    Depreciation and expenses
    Question # 7 of 15 ( Start time: 05:54:21 AM ) Total Marks: 1
    Which of the following is/are true about the journal entry?
    Select correct option:
    It is recording before posting in a ledger
    It always effect two sides of accounts
    It is recorded chronologically
    All of the given options
    Question # 8 of 15 ( Start time: 05:54:31 AM ) Total Marks: 1
    How would an increase in owner’s equity be recorded?
    Select correct option:
    Debit
    Credit
    No effect
    Statement is wrong
    Question # 9 of 15 ( Start time: 05:54:40 AM ) Total Marks: 1
    Which of the following truly represents expenses?
    Select correct option:
    Future benefits
    Past results
    Cost of doing business
    Past receipts
    Question # 10 of 15 ( Start time: 05:55:01 AM ) Total Marks: 1
    Assets of the business are valued and recorded at cost in the financial statement as these
    are not for resale purposes, according to which of the following?
    Select correct option:
    Going concern assumption
    Cost Principle
    Separate entity principle
    Objectivity principle
    Question # 11 of 15 ( Start time: 05:55:36 AM ) Total Marks: 1
    Financial Statments are the end product of:


    Select correct option:
    Accounting Department
    Accounting Cycle
    Accountant
    Auditors
    Question # 12 of 15 ( Start time: 05:55:43 AM ) Total Marks: 1
    Which of the following term refers to each element of the Balance Sheet?
    Select correct option:
    Ledger
    Journal General
    T- Account
    Account
    Question # 13 of 15 ( Start time: 05:55:49 AM ) Total Marks: 1
    Which of the following is TRUE about both sides of the trial balance?
    Select correct option:
    Both sides are always positive
    Both sides are negative
    Both sides are equal
    Both sides are not linked which each other
    Question # 14 of 15 ( Start time: 05:55:56 AM ) Total Marks: 1
    Which of the following financial statement is based on accounting equation?
    Select correct option:
    Income Statement
    Statement of Cash Flow
    Balance Sheet
    Statement of retained earnings
    Question # 15 of 15 ( Start time: 05:56:07 AM ) Total Marks: 1
    Which of the following refers to the term “posting”?
    Select correct option:
    The recording of transactions
    The system of giving numbers to the accounts
    Transferring the debits and credits to ledger
    Transferring the debits and credits to journal





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