Lecture 1 Group A

Lecture 1 Group A

University

10 Qs

quiz-placeholder

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Lecture 1 Group A

Lecture 1 Group A

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Caroline Yap

Used 13+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting is a profession that has evolved in response to society’s need for economic information to help people make

products

progress

decisions

money

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Assuming there were no drawings or contributions of capital, profit for 2014 is _.

$160,000

$120,000

$300,000

$220,000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The assets of Frank’s business increased by $40 000 and the liabilities increased by $10 000 during the current year. If the profit for this period was $25 000, what additional contribution or withdrawal was made by the owner? (Assume only a withdrawal or a contribution was made.)

Drawings $10,000

Contributions $10,000

Contributions $5,000

Drawings $5,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On 2 January 2014 Fife Corp buys goods from O’Brien and agrees to pay for them within 60 days. On the balance sheet for Fife Corp at 2 January 2014 the amount owing to O’Brien would be reported as _.

advance payment by a customer

accounts receivable

accounts payable

prepaid expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If an entity has assets of $168 900 and liabilities of $70 000 its equity is:

$238,900

$238,990

$98,990

$98,900

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_ is/are resources controlled by the entity as a result of past events and from which

future economic benefits are expected to flow to the entity.

Liabilities

Assets

Equity

Income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If income is $180 000, rent expense is $120 000 and advertising expense is $10 500, profit or loss is

_.

$300,900 profit

$49,500 profit

$49,500 loss

$300,500 loss

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