
Formative Quiz - Financial and Management Accounting
Authored by Sarthak Mondal
Business
University
Used 2+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A _____________ reflects the company’s position by showing what the company owes and what it owns.
Income Statement
Cash flow forecast
Balance Sheet
P/L Account
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
________________ is an asset that is not physical in nature.
Tangible Assets
Intangible Assets
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life.
Depreciation
Amortisation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_________________ is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.
Current Ratio
Quick Ratio
Debt Ratio
Gearing Ratio
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following is the formula to calculate Gross Profit
Revenue - Cost of Sales
Revenue - All Expenses
Revenue + Cost of Sales
Expenses + Cost of Sales
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary
Liquidity
Assets
Liabilities
Going Concern
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for cost of sales?
Opening Stock - Purchases + Closing Stock
Opening Stock + Purchases + Closing Stock
Opening Stock + Purchases - Closing Stock
Opening Stock - Purchases - Closing Stock
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