
FA 2023 first quiz
Quiz
•
Business
•
Professional Development
•
Practice Problem
•
Hard
Pooja Chaudhary
Used 3+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is the correct extended version of basic accounting equation.
Assets = Liabilities + Capital + Revenue - Expenses – Dividend
Assets = Liabilities + Equity + Revenue - Expenses - Dividend
Assets = Liabilities + Capital - Revenue - Expenses - Dividend
Assets = Liabilities + Equity - Revenue - Expenses - Dividend
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Payment received from Account Receivables:
Decreases the total assets
Increase the total liabilities
Increases the total assets
Results in no change in total assets
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The part of profit a shareholder will receive is called.
Dividend
Surplus
Net Income
Retained earnings
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The Profit and Loss Statement shows:
The financial performance and the financial position of the business
The cash flow of the business
The financial position of the business
The financial performance of the business
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an asset?
Accounts Payable
Advance given to supplier
Advance received from customer
Loan received from bank
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a current asset?
Building
Machinery
Equipment
Inventory
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is a non-current asset (fixed assets)?
Material
Trade receivables
Patent
Cash and Cash equivalents
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