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Accounts Comprehensive

Total questions: 25

Worksheet time: 19mins

Name
Class
Date
1.

Non-sufficient funds in the account to cover a check is called a __________________

a)

Dishonoured Cheque

b)

Cancelled Check

c)

Check

d)

Checkbook Register

2.

A card that reduces the balance in a client's checking account when used is a _________________________

a)

Check

b)

Debit Card

c)

Drawee

d)

Drawer

3.

Signature on the back of the check designating who to pay

a)

Debit Card

b)

Drawer

c)

Drawee

d)

Endorsement

4.

A check written for a future date

a)

Stale Check

b)

Voided Check

c)

Postdated Check

d)

Outstanding Check

5.

Checks that are too old to be cashed

a)

Outstanding Check

b)

Postdated Check

c)

Stale - Dated Check

d)

Voided Check

6.

The banks give ___ to people or companies to help them with their projects.

a)

Interest

b)

Loans

c)

Rate

d)

Charity

7.

The movements of money between banks are called ___.

a)

Direct Transfers

b)

Cheque

c)

Funds

d)

An opportunity

8.

When a bank accepts your money, what do they do with it?

a)

They stick it in a shoe box and wait for you to come get it back.

b)

They loan most of it out to people who need money for cars and homes, etc.

c)

They put it in a big pile in the middle of the safe and dance around it.

d)

They write your name on every bill and look at it, longing for your return,

9.

An account you can deposit money into and then write checks or use debit card to withdraw money is known as a ____________________.

a)

Money Market

b)

Checking

c)

Savings

d)

ATM

10.

Putting money into an account is known as _______________.

a)

Sinking

b)

Placing

c)

Withdrawing

d)

Depositing

11.

Anything that's accepted in exchange for goods & services.

a)

Currency

b)

Money

c)

Liquidity

d)

Deferred Payment

12.

Coins and paper that are used as money; 'legal tender'.

a)

Money

b)

Transfer Payments

c)

Currency

d)

Liquidity

13.

Financial Institutions include:

a)

Banks

b)

Savings & Loans

c)

Credit Unions

d)

All of the above

14.
What is capital expenditure?
a)
Money spent for fixed assets which last about 6 months.
b)
Money spent for fixed assets which last about for more than a year.
c)
Money spent on a day-to-day basis.
d)
Money spent per hour rate.
15.

Which one is a capital expenditure?

a)

heat and lighting expenses

b)

stationery expenses

c)

owners funds

d)

Purchasing machinery

16.
What is revenue expenditure?
a)
Money spent on monthly expenses
b)
Money spent on hour to hour expenses
c)
Money spent on day to day expenses
d)
None of the above
17.

Which one is revenue expenditure

a)

trademarks

b)

postage

c)

furniture

d)

credit sales

18.

In which of the following might revenue expenditure be used?

a)

Purchase of machinery

b)

Money spent for patents

c)

Money spent on wages

d)

Money paid for a franchise license

19.
Which of the following is a Revenue Expenditure?
a)
Purchase of Furniture
b)
Repairs to Machinery
c)
Extension of Office 
d)
Installation of Equipment
20.
Jeff's Construction, LLC bought a piece of equipment in 2001 for P 10,000. Today this piece of equipment is only worth P 2,000. Jeff would still report the equipment at its purchase price of P 10,000, less depreciation, even though its current fair market value is only P 2,000.
a)
Historical Principle
b)
Business Entity
c)
Accrual Principle
d)
Adequate Disclosure Principle
21.

Concept: Financial information is reported for a specific period of time on financial statements.

a)

Matching Expenses with Revenue

b)

Accounting Period Cycle

c)

Business Entity

d)

Materiality Concept

22.

Concept: a business's records should never be mixed with an owner's personal records and reports

a)

adequate disclosure

b)

business entity

c)

objective evidence

d)

going concern

23.

Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately

a)

going concern

b)

materiality

c)

accounting period cycle

d)

matching revenue with expenses

24.

Concept: Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

a)

Money Measurement Concept

b)

historical cost

c)

materiality

d)

matching expenses with revenue

25.

Which of the expenses can be considered as capital expenditure?

a)

Petrol costs for a delivery van

b)

Depreciation of a delivery van

c)

Repairs to a delivery van

d)

Adding extra headlights on a delivery van

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