
FR2025
Quiz
•
Mathematics
•
University
•
Practice Problem
•
Medium
Rawan S
Used 6+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main purpose of financial reporting is to:
Calculate taxes owed to the government
Show the company’s market share
Provide information useful to decision-making
Predict stock market movements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a financial statement?
Balance Sheet
Income Statement
Cash Flows
Marketing Report
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets are best described as:
Obligations of the company
Resources controlled by the company that provide future benefits
Profit left after expenses
Cash only
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepaid insurance is recorded as an asset.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If total assets are 100,000 and liabilities are 40,000, equity must be:
140,000
100,000
60,000
40,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company purchases equipment for cash, what is the effect?
One asset increases, another asset decreases
Assets increase and liabilities decrease
Assets increase and equity increases
Liabilities increase and assets decrease
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A company buys inventory worth SAR 15,000 on credit. What is the journal entry?
Dr Cash 15,000 ; Cr Inventory 15,000
Dr Accounts Payable 15,000 ; Cr Inventory 15,000
Dr Inventory 15,000 ; Cr Cash 15,000
Dr Inventory 15,000 ; Cr Accounts Payable 15,000
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