Accounting Practice Exam

1. 1.Financial reporting is a way of ........, .......... and ............ financial data.

• recording, analyzing and summarizing

• calculating, summing, and substracting

• noting, recording, and counting

• analyzing, counting, and noting

2. 2.Businesses of whatever size or nature exist to make a (a)  

3.When expenditure exceeds revenue, the business is running at a (a)  

4. 4.Ownership divided into transferable shares of stock

• Sole Proprietorship

• Partnership

• Limited Liability Company

• None of the answer

5.Which 2 of the following are correct?

• Capital = Assets + Liability

• Capital = Net assets

• Opening Capital + Capital introduced + Profit/(Loss)  – Drawing = Closing Capital

• Liability = Capital - Assets

6 (a)   is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.

7.Accounts payable (AP) is an account within the general ledger that represents a company's (a)   to pay off a short-term debt to its creditors or suppliers.

8.How to record payment to rental expense by cash.

• Dr. Cash

  Cr. Rental Expense

• Dr. Rental Expense

  Cr. Cash

• Dr. Rental Expense

  Cr. Receivable

• Dr. Rental Expense

  Cr. Payable

9.Mr.Virak opened a new company under the name A.B.C Technology (Cambodia) Co.,Ltd. deposited 500,000$ to bank .

• Dr. Cash at Bank 500,000$

  Cr. Capital 500,000$

• Dr. Capital 500,000$

  Cr. Cash at Bank 500,000$

• Dr. Expense 500,000$

  Cr. Capital 500,000$

• Dr. Capital 500,000$

  Cr. Payable 500,000$

10.Paid to Mr.Ratha for consulation fee 1,000$, amount include withholding tax 15%. Noted: Company collect withholding tax.

• Dr. Consulting Fee 1,000$

  Cr. Withholding Tax payable 150$

  Cr. Cash 850$

• Dr. Withholding Tax Payable 150$

  Dr. Cash 850$

  Cr. Consulting Fee 1,000$

• Dr. Consulting Fee 1,000$

  Cr. Cash 1,000$

• Dr. Cash 1,000$

  Cr. Consulting Fee 1,000$