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WorksheetsACC 110_First Assessment Quiz
Total questions: 40
Worksheet time: 21mins
The primary responsibility for the preparation and presentation of the financial statements of an entity is reposed in the
Management of the entity
Internal auditor
External auditor
Controller
What is the purpose of preparing the Statement of Financial Performance?
inform stakeholders the profitability of business
inform stakeholders the income and expenses of business
inform stakeholders the nature of business
inform stakeholders the size of business
What is the purpose of the Statement of Financial Position?
inform stakeholders the assets and liabilities of business
provides information on how resources are obtained and used and the claim by the owner on the net assets of the business at a point in time.
provides information on how resources are obtained and used in the business at a point in time.
inform stakeholders the owner's equity of business
Which of the following are Financial Statements for business?
Trial Balance Account
Ledger
Income Statement
Balance Sheet
The users of accounting information are...
Internal users
External users
Internal & External users
Which one is the internal user?
Potential investor
Management of a company
Creditor
Also called as Balance Sheet.
Statement of Financial Position
Financial Statements
Statement of Balance
Statement of Income
Also known as the "Long-term Assets"
Non-current Assets
Current Assets
Non-current liabilities
Current Liabilities
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
Retained Earning can be found under _____________.
Assets
Liabilities
Owner's Equity
Cash in Bank is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Account Receivable is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Accumulated Depreciation
Current Assets
Non-Current Assets
Contra Asset Account
Allowance for Bad Debts
Current Assets
Non-Current Assets
Contra Asset Accounts
Furniture and Fixtures
Current Assets
Non-Current Assets
Select three examples of an asset?
Current liabilities are short-term debts. The money owed must be paid back within one year.
True
False
Long-term liabilities are debts paid back over a long period of time.
True
False
is the ability of the entity to meet currently maturing obligations.
(a)
short-term highly liquid investments that are readily convertible into known amount of cash and which are subject to an insignificant risk of changes in value
(a)
an investment normally qualifies as a cash equivalent only when it has a short maturity of __________ from the date of acquisition
three months or less
three months
three months or more
one year
Equity securities cannot qualify as cash equivalent because shares do not have a date of maturity
TRUE
FALSE
I DON'T KNOW
When the normal operating cycle is not clearly identifiable, the duration is assumed to be (a) .
is an identifiable nonmonetary asset without physical substance
intangible assets
tangible assets
PPE
Investment
They are probable future sacrifices of economic benefits which arise as the result of past transactions or events.
Accounting
Assets
Liabilities
Owner's Equity
It refers to something that a business owe.
Accounting
Assets
Liabilities
Owner's Equity
It refers to the owner’s claim to the assets of the business
Accounting
Assets
Liabilities
Owner's Equity
working capital is the excess of assets over current liabilities
TRUE
FALSE
Bank Overdraft
Asset
Liabilities
Owner's Equity
Income
Expense
Prepaid Expense
Asset
Liabilities
Owner's Equity
Income
Expense
Accrued Expense
Asset
Liabilities
Owner's Equity
Income
Expense
Retained Earnings
Asset
Liabilities
Owner's Equity
Income
Expense
Which should be classified as a noncurrent asset?
Plant expansion fund
Prepaid rent
Supplies
Goods in process
Claim against shipper of goods lost in transit
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Cash Dividend Payable
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Short-term borrowings
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Income tax payable
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Financial Assets at FV through P and L
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Financial Assets at FV through P and L
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
