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FA 2023 first quiz

Authored by Pooja Chaudhary

Business

Professional Development

Used 3+ times

FA 2023 first quiz
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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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