Quiz Part 1 (FA1)

Quiz Part 1 (FA1)

University

10 Qs

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Quiz Part 1 (FA1)

Quiz Part 1 (FA1)

Assessment

Quiz

Other

University

Easy

Created by

Syahira Mohd

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Charlotte started a new business on 1 October 20X7. In the year ended 30 September 20X8, she introduced capital of $30,000 and paid $500 per month from her business bank account to her personal bank account. On 30 September 20X8, the net assets of the business were $15,800.

What is the profit or loss of the business in the year ended 30 September 20X8?

$39,800 loss

$39, 800 profit

$8,200 loss

$8,200 profit

2.

MULTIPLE SELECT QUESTION

2 mins • 1 pt

Ravi is preparing his monthly internal accounts and is considering who will use this information.

Which TWO of the following are the most likely users of this information?

Shareholders

Management

Tax authorities

Suppliers

Employees

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Hanna buys goods on credit with a list price of $800. She pays the supplier early and is given a prompt payment discount of 5%.

What is the correct journal to record the prompt payment discount in the books of Hanna?

DR Discounts received $40, CR Trade Payables $40

DR Trade Payables $40, CR Discounts received $40

DR Bank $40, CR Discounts received $40

DR Discounts received $40, CR Bank $40

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

On 1 January 20X5, Hiroto's business had net assets of $42,622. During the year, his business made a profit of $10,400 and he donated a private car to the business with a value of $2,000 The net assets of the business at 31 December 20X5 are $48,782.

What is the amount of drawings taken by Hiroto in the year ended 31 December 20X5?

$14,560

$6,240

$4,240

$2,240

5.

MULTIPLE SELECT QUESTION

2 mins • 1 pt

Which TWO of the following would be a debit balance on a ledger account within a business's general ledger?

Buildings

Overdraft

Drawings

Capital

Revenue

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the principal use of the statement of financial position?

To report the assets, liabilities and capital of a business at a point in time.

To report a reliable valuation of the business at a point in time.

To report how much profit or loss the business has made during the period.

To report the movements of cash in and out in the business over the period.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Binta has opening net assets of $149,421. She paid $8,000 from her personal bank account into her business bank account in the first month of the year and transferred $56,000 from the business bank account to her personal bank account on the last day of the accounting period. The net assets at the end of the period were $140,347.

What is Binta's profit for the accounting period?

$17,074

$38,926

$46,926

$57,074

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