
Introduction to Accounting - Unit 04
Authored by Heshan Kodagoda
Other
10th - 11th Grade
Used 6+ times

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60 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A non current asset of a furniture manufacturing business is,
Receivable building rent
Furniture for sale
Carpenter table
Cash in hand
2.
MULTIPLE CHOICE QUESTION
45 sec • 3 pts
Out of the following which is not considered as a transaction.
Damage of Rs. 10 000 worth of inventory.
Electricity payment of Rs. 5000.
Obtaining bank loan of 50 000.
Deciding to purchase machine worth Rs. 25 000.
3.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Which of the following characteristics are observed in an asset?
1. Controlled by the business.
2. Inflow of future benefits to the business.
3. Arose as result of past transaction.
4. Receiving ownership in the future.
1,2,4
2,1,4
1,2,3
2,3,4
4.
MULTIPLE CHOICE QUESTION
2 mins • 7 pts
Mr. Jayasinghe commenced a rice selling business, which he buys paddy from his area and converts them into rice. One of his friend Mr. Kulasinghe has been recruited as an employee of this business and the business named as "singhe mills".
1.Select the type of business organization which "Singhe mills" relates to?
2.What is the correct statement of above business?
Select the answer with correct order
1. Cooperative societies, 2-It is controlled by the government
1. Sole proprietorship, 2-having a continued existence
1. Sole proprietorship, 2-mandatory to register
1. Cooperative societies, 2-having a legal personality
5.
MULTIPLE CHOICE QUESTION
45 sec • 7 pts
Select the answer which is included current assets only
Stock, debtors, bank loan, cash
Stock, debtors, bank balance, cash
Stock, creditors, commission received, cash
Stock, creditors, electricity expense, cash
6.
MULTIPLE CHOICE QUESTION
45 sec • 6 pts
Denushi decided to commence her business as ''Denushi Textiles." But she is inquiring you, who has the authority to set relevant fees for registering the business name. The correct answer is,
The secretary of relevant divisional secretariat office.
The grama Niladhari of relevant division.
The respective provincial council with in the authority of them.
The business name registrar of the relevant provincial council.
7.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
What is the main aim of accounting?
Fulfill the legal requirements
Calculate the profit of the business
Providing the required information for stakeholders in the business
To calculate the financial position of the business
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