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Question # 1 of 15 ( Start time: 09:07:37 PM ) Total Marks: 1
Which of the following items are included in the financing activities section of the statement of cash flows?
Select correct option:
- Cash effects of transactions involving making and collecting loans
- Cash effects of acquiring and disposing of investments and property, plant, and equipment
- Cash effects of transactions obtaining resources from owners and providing them with a return on their investment
- Cash effects of transactions that enter into the determination of net income
Quiz Start Time: 09:07 PM Time Left 84
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Question # 2 of 15 ( Start time: 09:08:15 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
Quiz Start Time: 09:07 PM Time Left 88
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Question # 3 of 15 ( Start time: 09:08:48 PM ) 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
Quiz Start Time: 09:07 PM Time Left 88
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Question # 4 of 15 ( Start time: 09:09:18 PM ) Total Marks: 1
Depreciation is added back to profit when arriving at the cash flow from operating activities because:
Select correct option:
- Depreciation is only an estimated amount
- Depreciation does not affect profit
- Depreciation does not result in a flow of cash
- Depreciation only affects the balance sheet, not the profit and loss account
Quiz Start Time: 09:07 PM Time Left 88
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Question # 5 of 15 ( Start time: 09:09:56 PM ) Total Marks: 1
Under which cost flow assumption is the ending inventory composed of the most recently purchased merchandise?
Select correct option:
- FIFO
- LIFO
- Average cost
- Specific identification
Quiz Start Time: 09:07 PM Time Left 89
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Question # 6 of 15 ( Start time: 09:10:40 PM ) 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
Quiz Start Time: 09:07 PM Time Left 88
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Question # 7 of 15 ( Start time: 09:11:00 PM ) Total Marks: 1
______is helpful for the investors and creditors to assess the cash and non cash aspects of investing and financing transactions on an entity’s financial position?
Select correct option:
- Balance Sheet
- Income Statement
- Statement of cash flows
- Statement of changes in equity
Quiz Start Time: 09:07 PM Time Left 88
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Question # 8 of 15 ( Start time: 09:11:26 PM ) Total Marks: 1
Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?
Select correct option:
- Description of current year equity transactions
- Summary of long-term debt outstanding
- Schedule of fixed assets
- Revenue recognition policies
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Quiz Start Time: 09:07 PM Time Left 89
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Question # 9 of 15 ( Start time: 09:12:08 PM ) 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
Quiz Start Time: 09:07 PM Time Left 88
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Question # 10 of 15 ( Start time: 09:12:36 PM ) Total Marks: 1
Audit opinions can NOT be classified as which of the following?
Select correct option:
- Adverse opinion
- Unqualified opinion
- Qualified opinion
- Disagreement of opinion
Quiz Start Time: 09:07 PM Time Left 88
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Question # 11 of 15 ( Start time: 09:13:12 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
Quiz Start Time: 09:07 PM Time Left 89
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Question # 12 of 15 ( Start time: 09:13:51 PM ) Total Marks: 1
Gross profit is:
Select correct option:
- Excess of sales over cost of goods sold
- Sales less Purchases
- Cost of goods sold + Opening stock
- Net profit less expenses of the period
Quiz Start Time: 09:07 PM Time Left 89
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Question # 13 of 15 ( Start time: 09:14:13 PM ) 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
Quiz Start Time: 09:07 PM Time Left 89
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Question # 14 of 15 ( Start time: 09:14:40 PM ) 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
Quiz Start Time: 09:07 PM Time Left 88
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Question # 15 of 15 ( Start time: 09:15:18 PM ) 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