Assets are resources ………….. [U27_KLO1.3]

D. Either own or owe by the company

Liabilities are resources …………..[U27_KLO1.3]

D. Either own or owe by the company

Company’s financial statements can be viewed by ……..[U27_KLO1.5]

C. Both Internal and external users

D. Neither Internal and external users

The owner of Salora Cafe has withdrawn SAR 2000 from bank for personal use. The transaction in journal will be….KLO[2.2]

A. Dr. Drawings A/C Cr. Bank A/C

B. Dr. Account receivable A/C Cr. Bank A/C

C. Dr. Capital A/C Cr. Bank A/C

Salora Cafe paid SAR 3400 as salaries to its workers. The transaction in journal will be….KLO[2.3]

C. Dr. Salaries expense A/C Cr. Cash A/C

A. Dr. Bank A/C Cr. Salaries payable A/C

B. Dr. Salaries payable A/C Cr. Bank A/C

D. Dr. Salaries expense A/C Cr. Bank A/C

What is equity? [27_Klo-1.3(c)]

C. Owner's claim on total assets

D. Owner's claim on total liabilities

Gross profit ratio is calculated by [27_Klo-4.1(c)]

B. (Gross Profit/Net sales)*100

A. (Gross Profit/Gross sales)*100

C. (Net Profit/Gross sales)*100

Landmark company took loan of SAR 5,000,000 from NCB bank. How this transaction will be recorded? [U27_ KLO 2.3]

B. Dr. Cash A/C Cr. Account payable A/C

C. Dr. Purchases A/C Cr. Bank A/C

D. Dr. Copying machine A/C Cr. Bank A/C

Accounting equation is ………….. [KLO2.1]

C. Assets = Liabilities + Equity

B. Assets = Liabilities – Equity

D. Assets = Expenses – Revenue

What is the next step after transferring balances from general journal to ledger account?[U27_ KLO 3.4]

C. The balances are used to prepare trial balance

A. The balances are used to prepare Income statement

B. The balances are used to prepare cashflow statement

D. The balances are used to prepare balance sheet

XYZ company Bought furniture for SAR 35,000. How this transaction will be recorded? [U27_ KLO 2.2]

A. Dr. Asset -Furniture Cr. Account payable A/C

B. Dr. Cash A/C Cr. Accounts receivable A/C

C. Dr. Account receivable A/C Cr. Cash A/C

D. Dr. Account payable A/C Cr. Cash A/C

Accounting equation is also called ………KLO[1.2]

D. Equation of shareholder’s equity

Collected cash of $2,400 from an account receivables of a client the business rendered a service for him--------------U27_KLO2.3]

B. Dr. Cash A/C Cr. Accounts receivable A/C

A. Dr. Cash A/C Cr. Account payable A/C

C. Dr. Account receivable A/C Cr. Cash A/C

D. Dr. Account payable A/C Cr. Cash A/C

Mr. Mohammed decided to open a café and invested 70,000 sar cash in business. The entry in the journal will be ..……..[KLO2.1]

C. Dr. Cash A/C Cr. Mr. Mohammed, capital A/C

A. Dr. Accounts receivables A/C Cr. Cash

B. Dr. Bank A/C Cr. Capital A/C

D. Dr. Mr. Muhammed, capital A/C Cr. The business A/C

The statement of cash flow clarifies cash flows according to. KLO1.2

D. Operating, Investing, and Financing Activities

A. Operating and Non-operating Flows

C. Investing and Non-operating Flows

Unit 27. Understand Accounting

Authored by saira kamal

Business

9th - 12th Grade

Used 6+ times

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40 questions

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MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A specialized branch of accounting that keeps track of a company's financial transactions. [U27_KLO1.1]

A. Financial accounting

B. Project accounting

C. Managerial accounting

D. All of the above

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

It is a vital component of project management[U27_KLO1.1]

A. Financial accounting

B. Project accounting

C. Managerial accounting

D. All of the above

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following report represents financial position of the company?[U27_ KLO 1.2]

A. Balance sheet

B. Trial balance

C. Statement of cash flow

D. Statement of retained earnings.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The main purpose of creating profit and loss statement is to check the ……… of company.[U27_ KLO 1.2]

A. Liquidity ratio

B. Amount of assets and liabilities

C. Profitability

D. Liabilities

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following items will have depreciation? [ U27_KLO1.3]

A. Cash

B. Inventory

C. A/c receivable

D. Equipment

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The debtors are also called [U27_KLO1.3]

A. Accounts receivable

B. Accounts payables

C. Employees

D. Managers

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The normal balance of an asset is…….[U27_KLO1.4]

A. Debit

B. Credit

C. Revenue

D. Liability

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Unit 27. Understand Accounting

A specialized branch of accounting that keeps track of a company's financial transactions. [U27_KLO1.1]

It is a vital component of project management[U27_KLO1.1]

Which of the following report represents financial position of the company?[U27_ KLO 1.2]

The main purpose of creating profit and loss statement is to check the ……… of company.[U27_ KLO 1.2]

Which of the following items will have depreciation? [ U27_KLO1.3]

The debtors are also called [U27_KLO1.3]

The normal balance of an asset is…….[U27_KLO1.4]

The normal balance of an revenue is…….[U27_KLO1.4]

Assets are resources ………….. [U27_KLO1.3]

Liabilities are resources …………..[U27_KLO1.3]

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