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WorksheetsBookkeeping and Accounting Quiz 2
Total questions: 15
Worksheet time: 8mins
Which of these are "NOT" classified as Non-Current Assets?
The functions of accounting are _________________.
auditing and taxation
recording and reporting
analyzing and interpreting
Classifying and summarizing
Who are the users of financial reports?
Shareholders
Creditors
Consumers
Competitors
The main function of accounting is to _______________________
prepare financial statements
select accounting information
do balance day adjustments
analyse and interpret financial reports
Which of the following items are used as source documents for a business transaction/ Journal entries?
All such operating activities that will cause fluctuations/changes in assets, liabilities or/and owners' Equity are called ____________________.
investment
accounting cycle
business entries
business transactions
Loan repayable within a year is a/an __________________.
Income
Non-Current Liability
Current Liability
Expense
Which of the following is shown in the Non-Current Assets account in Statement of Financial Position ?
Clue: It is also known as Net Book Value.
Market Price
Selling Price
Carrying Amount
Replacement Value
Which of the following items is classified as Current Assets
Unused Stationery
Prepaid Rental
Rental Received in Advance
Accrued Income
Accrued Expenses
The main purpose of drawing up a trial balance is to check __________________________________.
the accuracy of the double entry
whether all the invoices have been sent out
whether all the journal entries have been posted
the difference between the Cash Book Balance and Bank Statement Balance
An intangible asset is an asset you __________
can see
cannot see
Goodwill, Royalty, Trademark and Goodwill are examples of ___________________
Tangible assets
Intangible assets
When a customer return defective (ROSAK) goods to us, what kind of document should be issued to the customer?
Debit note
Delivery order
Official Receipt
Credit Note
Drawings account should appear in which of the following financial statements ?
Statement of Financial Position
Profit and Loss Account
Trading Account
If proprietor uses his private resources to pay the business liability there would be a/an________________________________.
Decrease in liabilities and decrease in owner's equity
Decrease in liabilities and increase in owner's equity
Decrease in assets and increase in owner's equity
Increase in both assets and owner's equity
