Accounting Quiz Financial statement

Accounting Quiz Financial statement

11th - 12th Grade

12 Qs

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Accounting Quiz Financial statement

Accounting Quiz Financial statement

Assessment

Quiz

Business

11th - 12th Grade

Practice Problem

Medium

Created by

Manish Tanna

Used 28+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

Expenses paid in advance for next year

Prepayments
Accrued expenses
Advance incomes
Next year’s income

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Treatment of Prepayments in Financial statements

Decrease Income, increase Current asset
Decrease expenses, increase Current asset
Decrease expenses, increase Current Liability
Increase expenses, increase Current asset

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Expenses due for this year not paid

Prepayments
Accrued incomes
Advance incomes
Accrued Expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Treatment of Accrued expenses in Financial statements

Decrease Income, increase Current asset
Decrease expenses, increase Current asset
Decrease expenses, increase Current Liability
Increase expenses, Increase Current liability

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Income for the year, not received this year

Prepayments
Accrued income
Advance incomes
Accrued Expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Treatment of Accrued incomes in Financial statements

Increase incomes, increase current assets
Decrease incomes, increase current assets
Increase incomes, decrease current assets
Decrease incomes, Decrease current assets

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Income received for next year in the current year

Prepayments
Accrued expenses
Advance Income
Accrued incomes

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