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WorksheetsAccounting for Managers(PG-03) Quiz-1
Total questions: 10
Worksheet time: 5mins
These are economic resources with the ability or potential to provide future benefits?
Assets
Retained Earnings
Shareholder's Equity
Liabilities
Assets - Liabilities = ____?
Net Income
Revenue
Net Loss
Shareholder's Equity
Which is an example of an intangible asset?
Cash
Patent
Supplies
Tools & Equipment
Earnings that a firm realizes in excess of dividends are called what?
Income Statement
Revenues
Retained Earnings
Expenses
Which one of the following is not an external user of accounting information?
Investor
Creditor
Manager
Customer
Who is known as the father of accounting?
Leonardo da Vinci
Al Mazendarany
Al Khawarizmy
Fra Luca Pacioli
Which of the following is correct about double entry system of accounting?
Every business transaction brings at least two financial changes in business.
Financial changes are recorded as debits or credits in two or more accounts.
Every debit entry has a corresponding credit entry.
All of the Above
Which of these items would be accounted for as an expense?
Repayment of a bank loan.
Dividends to stockholders.
The purchase of land.
Payment of the current period's rent.
Which of the following transactions would have no impact on stockholders’ equity?
Purchase of land from the proceeds of a bank loan.
Investments of cash by stockholders
Net loss.
Dividends to stockholders.
Which of the following would not be included on a balance sheet?
Accounts receivable.
Accounts payable.
Sales.
Cash.
