MBA Lec 3

MBA Lec 3

University

10 Qs

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MBA Lec 3

MBA Lec 3

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Anh Van

Used 1+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about the statement of financial position is not true:

Assets are listed in order of liquidity

It is reported at a particular point in time

The total of the assets must equal the total of the liabilities plus equity

It represents the cash received and paid during the period

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If total assets equal $295 000, total liabilities are $165 000 and total equity equals $130 000, then net assets equals

$295 000

$130 000

$165 000

$30 000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accountant is required to make choices in measuring the value of

property, plant and equipment

inventory

development expenditure

all of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Pizza Ltd leases coded welding equipment from Hotdog Ltd. The lease is non-cancellable, and Pizza Ltd has the right to purchase the equipment at the end of the lease term for $85 000. Which of the following statements is true?

Pizza Ltd has legal ownership of the equipment

Pizza Ltd does not have control over the equipment

Pizza Ltd is the lessor of the equipment

While Pizza Ltd controls the equipment, it does not have legal ownership of the equipment

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is not a current liability?

Dividend payable

Account payable

General reserve

Accrued expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

C. Mickelborough purchases 1500 shares of McPherson Ltd that were listed on the stock exchange. As a result of this transaction, what will be the effect on the total equity of McPherson Ltd?

Total equity will remain unchanged

Total equity will increase

Total equity will decrease

Total equity will be greater than total assets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The statement of financial position usually reports the entity’s financial position for both the current period and the previous period. This information is known as

comparative information

comprehensive information

financial reporting

narrative information

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