
chap 2
Authored by Logan Ly
Computers
12th Grade
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10 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which three of the following are elements of financial statements as identified by the IASB’s Conceptual Framework?
Profits
Losses
Equity
Expenses
Income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The capital of a sole trader would change as a result of:
A credit customer paying by cheque
Raw materials being purchased on credit
Non-current assets being purchased on credit
Personal petrol being paid for out of the business’ petty cash
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation can be written as:
Assets + profit – drawings – liabilities = closing capital
Assets – liabilities – drawings = opening capital + profit
Opening capital + profit – drawings – liabilities = assets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of the financial statements that lists an entity’s total assets and total capital/liabilities is to show:
The financial performance of the entity over a period of time
The amount of the entity could be sold for in liquidation
The amount the entity could be sold for as a going concern
The financial position of the entity at a particular moment in time
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sole trader borrows £10,000 from a bank. Which element(s) of the accounting equation will change due to this transaction?
Assets and liabilities
Assets and capital
Capital and liabilities
Assets only
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sole trader purchases goods on credit. Which element(s) of the accounting equation will change due to this transaction?
Assets and liabilities
Assets and capital
Capital and liabilities
Assets only
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business can make a profit and yet have a decreased bank balance. Which of the following might cause this to happen?
The sale of non-current assets at a loss
The charging of depreciation in the statement of profit or loss
The lengthening of the period of credit given to customers
The lengthening of the period of credit taken from suppliers
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