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Finacre-Mod 3&4

Authored by JPIA DLSL

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1st Grade

Used 2+ times

Finacre-Mod 3&4
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Easy. What financial statement is prepared to disclose significant events relating to the operating, investing, and financing activities of a business?

Statement of Financial Performance

Statement of Changes in Equity

Statement of Financial Position

Statement of Cash Flows

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Easy. Of the following errors, the one that will cause an inequality in the trial balance totals is

Recording the same transaction more than once

Posting a transaction to the wrong account

Incorrectly computing an account balance

Failure to record a transaction

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Average. Which of the following statements is correct?

Purchase of properties by a real estate corporation is an investing activity.

Cash payment of interest on a long-term notes payable is an operating activity.

Payment for office rental for the month is an operating activity.

Additional cash investment from owner is a financing activity.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Easy. Failure to record the unexpired portion of the insurance premium paid would

Understate expense

Overstate Owner’s equity

Understate profit

Overstate total liabilities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Easy. What standard governs the presentation of financial statements?

PAS 1

PAS 2

PAS 16

PAS 7

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Easy. Failure to adjust for accrued salaries at the end of the period will result in an

Overstatement of profit

Understatement of profit

Overstatement of assets

Overstatement of liabilities

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Average. Which of the following is a cash outflow from investing activities?

Payment to acquire a service vehicle

Payment to settle notes payable

Payment to owners’ withdrawals

Payment to tax and interest expenses

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