Financial Concepts Quiz

Financial Concepts Quiz

University

20 Qs

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Financial Concepts Quiz

Financial Concepts Quiz

Assessment

Quiz

Other

University

Hard

Created by

SUCHITRA AI002894

Used 1+ times

FREE Resource

20 questions

Show all answers

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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