Quiz 1-SCI

Quiz 1-SCI

11th Grade

10 Qs

quiz-placeholder

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Quiz 1-SCI

Quiz 1-SCI

Assessment

Quiz

Business

11th Grade

Practice Problem

Hard

Created by

CAROLYN RAMONES

Used 5+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What kind of financial statement presents the results of operations of the business for one accounting period?

Statement of Financial Position

Statement of Comprehensive Income

Statement of Cash Flows

Statement of Changes in Equity

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which format of Statement of Comprehensive Income is used in service business?

Report Form

Account Form

Single-Step

Multiple-Step

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which among the following is not an element of the Statement of Comprehensive Income?

sales

Income

revenue

expense

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which element of the SCI increases the assets or decreases the liabilities leading to increase in equity resulting from the operations of the business?

Gross Profit

Income

Expense

Sales

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What is the main source of income of a service business?

sale of goods

sale of obsolete equipments

interest on deposits

rendering of service

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When do we recognize income?

When goods have been received

When cash has been received

When services has been rendered

When services has been paid

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What principle supports the recognition of expenses?

Matching Principle

Accrual Principle

Principle of Conservatism

Cost Principle

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