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WorksheetsPrinciples of Accounting (Quiz 1)
Total questions: 25
Worksheet time: 14mins
Which of the following is NOT characteristics of company?
LImited liability
Need huge capital
SIngle taxation
Unlimited life
Which of the following is NOT categorized as Financial Statement?
Balance Sheet
Trading Account
Trial Balance
Income Statement
Who are categories as internal user of financial statement?
Shareholder
Customer
Banker
Government
Which of the following is NOT the purposes of accounting information?
To know the financial status of the organization.
To find out the opportunity of the business.
Easier reference to user.
To avoid misleading financial statements.
The activities which involve in both bookkeeping and accounting process are:
Classifying and recording.
Recording and analyzing.
Summarizing and interpreting.
Analyzing and interpreting.
The business owner paid his son's tuition fee and the amount paid is not considered a business transaction. Which of the following concept is being applied?
Separate legal entity concept
Historical cost concept
Duality concept
Consistency concept
Business activities can be divided into specific period such as a month, six months or a year. Which of the following accounting assumption applied?
Consistency
Going concern
Materiality
Accounting period
Which of the following it is assumed that a business will continue to expand and operate in the future refer to______________.
Consistency.
Going concern.
Accounting period.
Duality.
An accounting cycle starts with _________________.
Ledger
Trial Balance
Source of documents
Balance Sheet
Which of the following accounting equation is TRUE?
Assets + Liabilities = Owner's Equity
Owner's Equity - Liabilities = Assets
Assets + Owner's Equity = Liabilities
Assets - Liabilites = Owner's Equity
The pictures can be categorizes as _______________________.
Liabilities
Owner's Equity
Current Asset
Non Current Asset
Which of the following is revenue account?
Sales Account
Machinery Account
Salary Account
Loan
" The owner took goods for his own use."
The transaction is recorded in
Cash Account
Sales Account
Drawing Account
Bank Account
Which of the following is NOT the roles of an accountant?
Supplying goods or services to earn profit.
Designing and controlling systems of financial records.
Auditing financial information.
Dealing with third parties.
The process of recording, classifying, analyzing and interpreting business data is called ______________.
transaction
auditing
accounting
book-keeping
Which of the following consider as current asset?
Bank loan.
Cash.
Fixed deposit.
Motor vehicle.
Fixtures and fitting is one of the example of fixed asset.
True
False
Non current liabilities is the amounts owing by the business that are to be paid within one year.
True
False
Non current assets can be divided into ________ categories.
Two
Three
Four
Five
Intangible goods are goods that cannot be touched, smelled and see.
True
False
Fixed deposit is one of the non current asset.
True
False
Which of the following is NOT types of the business units?
Sole proprietorship
Partnership
Corporation
Retailer
Which of the following account DO NOT includes in owner's equity?
Drawing
Capital
Net profit
Dividend
Internal user refers to those who work in the organizations.
True
False
