
Financial Concepts Quiz

Quiz
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Other
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University
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Hard
SUCHITRA AI002894
Used 1+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The Statement of Profit and Loss is also called the—--------------
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Financial Position
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is not a type of cash flows shown in the Cash Flow Statement?
Operating cash flow
Investing cash flow
Accounting cash flow
Financing cash flow
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is not a current asset?
Cash
Accounts receivable
Inventory
Property, plant, and equipment
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What are the effects on the balance sheet when a company borrows a two-year bank loan of Rs. 1,000?
Rs. 1,000 credit in current liabilities; Rs. 1,000 debit in current assets
Rs. 1,000 credit in current liabilities; Rs. 1,000 debit in non-current assets
Rs. 1,000 credit in non-current liabilities; Rs. 1,000 debit in current assets
Rs. 1,000 credit in non-current liabilities; Rs. 1,000 debit in non-current assets
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What happens to the balance sheet when a company makes sales of Rs. 500, of which Rs. 300 is paid in cash and Rs. 200 is sold on credit?
Rs. 300 debit in cash; Rs. 200 debit in accounts receivable; Rs. 500 credit in retained earnings
Rs. 300 credit in cash; Rs. 200 credit in accounts receivable; Rs. 500 debit in retained earnings
Rs. 300 debit in cash; Rs. 200 debit in accounts payable; Rs. 500 credit in retained earnings
Rs. 300 credit in cash; Rs. 200 credit in accounts payable; Rs. 500 debit in retained earnings
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What happens to the balance sheet when a company pays salaries of Rs. 5,000?
Rs. 5,000 credit in cash; Rs. 5,000 debit in accounts payable
Rs. 5,000 credit in cash; Rs. 5,000 debit in retained earnings
Rs. 5,000 debit in cash; Rs. 5,000 credit in retained earnings
Rs. 5,000 credit in cash; Rs. 5,000 debit in accounts receivable
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is the correct formula to calculate operating income?
Operating income = Revenue - Direct operating cost
Operating income = Revenue - Indirect operating cost
Operating income = Gross profit - Direct operating cost
Operating income = Gross profit - Indirect operating cost
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