Accountant Exam

Quiz
•
Financial Education
•
University
•
Easy
Zahra Darwish
Used 2+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is a current asset on the balance sheet?
A) Goodwill
B) Cash
C) Property, plant, and equipment
D) Bonds payable
2.
MULTIPLE CHOICE QUESTION
1 min • 7 pts
Which equation represents the fundamental accounting equation?
A) Assets = Liabilities + Owners' Equity
B) Assets = Revenue + Expenses
C) Liabilities = Assets - Equity
D) Revenue = Expenses + Profit
3.
MULTIPLE CHOICE QUESTION
1 min • 8 pts
A company receives BD 12000 in advance for a one-year subscription. If the company prepares monthly financial statements, what should be recognized each month?
A) BD 12000 as revenue each month
B) BD 2000 as revenue each month
C) BD 1000 as revenue each month
D) BD 2000 as expense each month
4.
MULTIPLE CHOICE QUESTION
1 min • 8 pts
How is deferred revenue typically recognized on the financial statements?
A) As an asset
B) As an expense
C) As a liability until the service/product is provided
D) As income immediately
5.
MULTIPLE CHOICE QUESTION
1 min • 8 pts
Which of the following is an example of "revenue recognition over time"?
A) Sale of a product in a retail store
B) Long-term construction contracts
C) Subscription-based services
D) Both B and C
6.
MULTIPLE CHOICE QUESTION
1 min • 8 pts
What is a right-of-use (ROU) asset under IFRS 16?
A) An asset that represents the present value of the lease payments made
B) An asset that represents the lessee’s right to use an underlying leased asset for a specified period of time
C) An asset that represents the cost of lease modifications
D) An asset that represents ownership of the leased asset
7.
MULTIPLE CHOICE QUESTION
1 min • 8 pts
How does IFRS 16 affect the income statement for lessees?
A) Lease expenses are recognized as a single expense item
B) Lease expenses are split into depreciation and interest
C) Lease expenses are only recognized when cash is paid
D) Lease expenses are not recorded in the income statement
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