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Worksheets1. FA -Elements of Financial statements
Total questions: 36
Worksheet time: 18mins
Which account is classified as an income?
Cash
cell phone bill
credit card
babysitting payment received
Which account is classified as an Income?
Auto Loan
college Fund
Bank Account
Sales
Which account is classified as an Expense?
Auto Loan
college Fund
Bank Account
Cell phone bill
Which account is classified as an Expense?
Salary
machine
Bank Account
Cash
Which account is classified as an Asset?
Concert Tickets
Babysitting payment
Allowance
Cash
Which account is classified as an Asset?
Concert Tickets
Bank Account
Allowance
Bus Pass
Which account is classified as an Liability?
Concert Tickets
Bank Account
Bank Overdraft
Bus Pass
Which account is classified as an Liability?
Concert Tickets
Bank Account
Allowance
Auto Loan
Would you prefer a credit card with?
A higher interest rate
A lower interest rate
Would you prefer a Savings Account with?
A higher interest rate
A lower interest rate
What is the accounting equation used in the Statement of Financial Position?
Total assets = Total Income + Equity
Total assets = Total Loan + Equity
Total assets = Total liabilities + Equity
Total assets = Total Liabilities - Equity
All of the following are assets, except for?
Goodwill
Patents
Loans to other businesses
Loans from other businesses
If the assets are financed by 70% of equity, how much assets that have been financed using liabilities?
30%
20%
10%
50%
Who are the primary users of financial statements according to the accounting standards?
Existing and potential investors
Existing and potential creditors
Employees, government and non-government agencies
Investors, creditors and parties that act for the interest of primary users.
This is what the business owns.
Assets
Liablities
Loans
Owner's Equity
This is what the business owes.
Assets
Liabilities
Loans
Owner's Equity
Following are accounts under _________________.
•Cash and cash equivalents
•Trade and other receivables
•Inventories
•Biological assets
•Investments
•Financial assets
•Investment property
•Property, plant, and equipment
Assets
Liabilities
Owner's Equity
Following are accounts under________.
•Trade and other payable
•Provision
•Financial liabilities
•Liabilities for taxes
Assets
Liabilities
Owner's Equity
The costs incurred in the day-to-day operations of an organization.
Bookeeper
Profit
Revenue
Expenses
The total amount of money received from the sale of goods or services.
Bookeeper
Profit
Revenue
Expenses
The difference between what it costs to make and sell a product and what a customer pays for it.
Bookeeper
Profit
Revenue
Expenses
Which of the following are items of Expenses?
salaries, utilities, inventory, discount allowed
salaries, utilities, insurance, discount allowed
salaries, utilities, interest received, discount allowed
salaries, utilities, loan, discount allowed
What is the difference between non-current assets and current assets?
NCA provide benefits that are used within one financial period but CA provide benefits that last beyond one financial period
NCA provide benefits that last beyond one financial period but CA provide benefits that are used within one financial period
NCA are easily converted to cash but CA are not easily converted to cash easily
NCA are not loans but CA are loans
When revenue > expenses, then there is a
Net Loss
mistake in the math
Net Income
transposition error
All of the following are assets, except for?
Goodwill
Patents
Loans to other businesses
Loans from other businesses
Cash at bank is an example of a
Current asset
Non-current asset
Equity
Two examples of intangible assets are:
Trademarks and Patents
b. Inventory and Trademarks
b. Patents and Cash
