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ACCOUNTING & RIDDLES

Authored by JUAN IMPERIAL

Fun, English

Professional Development

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ACCOUNTING & RIDDLES
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31 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

It is the total of income less expenses, excluding the components of other comprehensive income.

Retained Earnings

Total Comprehensive Income

Profit or loss

Accumulated profit or loss

2.

FILL IN THE BLANK QUESTION

20 sec • 1 pt

DJ Loonyo had 4 daughters, and each daughter had a brother.


How many children does DJ Loonyo have?

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

They refer to increases in equity from peripheral or incidental transactions of an entity

Comprehensive Income

Dividends

Revenues

Gains

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An improvement made to an old machine increased its market value and its capacity to produce without extending then machine's useful life. The cost of improvement preferably should be:

Capitalized

Recorded as a loss

Recorded as a liability

Expensed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a benefit of providing financial information?

Auditing

Improved allocation of resources

Potential litigation

Disclosure to competition

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Someone's mother has four sons.


There are named North, East and South.


What is the name of the fourth son.

Someone

West

What

Four

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Adjusting entries are needed because an entity:

Has expenses

Uses the accrual basis of accounting

Uses the cash basis of accounting rather than the accrual basis.

Has earned revenue during the period by selling products from its central operations

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