Financial Accounting

Financial Accounting

1st Grade

30 Qs

quiz-placeholder

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Financial Accounting

Financial Accounting

Assessment

Quiz

Business

1st Grade

Hard

Created by

khoi pham

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to result of Adjusted Trial Balance, The financial statements are prepared in oder

Income Statement, Retained Earnings Statement, Statement of Financial Position

Income Statement, Statement of Financial Position,

Retained Earnings Statement,

Retained Earnings Statement, Income Statement, Statement of Financial Position

Statement of Financial Position,

Retained Earnings Statement, Income Statement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

UNEARNED REVENUES belong to ..... group. Fill in the blank

Equity

Assets

Revenues

Liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many accounting reports?

3 reports - management reports and financial statements; internal report

4 reports - management reports and financial statements, internal report, investor report

1 report - financial statements

2 reports - management reports and financial statements

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On May 1, company X bought an equipment worth $12,000 in cash and plan to use it for 5 years. Question: Record the journal entry on May 1 & the adjusted entry for depreciation expense on May 31:

(1/5) Debit equipment $12,000 - Credit Accounts Payable $12,000 ; (31/5) Debit Depreciation expense $200 - Credit Accumulated Depreciation - Equipment $200

(1/5) Debit equipment $12,000 - Credit Cash $12,000 ; (31/5) Debit Depreciation expense $200 - Credit Equipment $200

(1/5) Debit equipment $12,000 - Credit Cash $12,000 (31/5) Debit Depreciation expense $2400 - Credit Accumulated Depreciation - Equipment $2,400

(1/5) Debit equipment $12,000 - Credit Cash $12,000 (31/5) Debit Depreciation expense $200 - Credit Accumulated Depreciation - Equipment $200

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ADJUSTING entries for Accrued Expenses:

Increase Expense; Increase Assets

Increase Liabilities; Increase Expenses

Increase Assets; Increase Revenues

Increase Revenues; Increase Assets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ACCUMULATED depreciation account belongs to ??? group & The debit - credit rule of this type of account is respectively:

None of the sentences are correct

Assets - Increase on Debit; Decrease on Credit

Expenses - Increase on Debit; Decrease on Credit

Assets - Increase on Credit; Decrease in Debit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Extended Accounting equation is:

Assets = Liabilities + Share capital - Ordinary + retained Earnings + Revenue - Expense - Dividends

Assets = Liabilities + Share capital - Ordinary + retained Earnings + Revenue + Expense + Dividends

Assets = Liabilities + Share capital - Ordinary + retained Earnings + Revenue - Expense + Dividends

Assets = Liabilities - Share capital - Ordinary - retained Earnings - Revenue - Expense - Dividends

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