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Financial Accounting Assignment

Total questions: 110

Worksheet time: 1hrs 17mins

Name
Class
Date
1.

______ is the discount given to the customers for prompt payment of their accounts

a)

Discount allowed

b)

Trade discount

c)

Discount received

d)

Legal tender

2.

_______ is the discount received from suppliers for prompt payment of our accounts

a)

Discount allowed

b)

Discount received

c)

Sales

d)

Creditor

3.

_____ is an extracted book of an account

a)

Balance sheet

b)

Bank reconciliation

c)

Trial balance

d)

Petty cash book

4.

In trial balance all these are credited except (a) (b)

(c) (d)

a)

Capital

b)

Sales

c)

Purchases

d)

Creditors

5.

All the following are reasons for disagreement between cash book and bank statement except

a)

Standing order

b)

Bank Errors

c)

Bank charges

d)

Overdraft

6.

All the following are reasons why trial balance may not balance except

a)

Error of posting

b)

Errors in addition

c)

Wrong figures in the ledger

d)

Error of omission

7.

_____ is a part of the profit distributable to shareholders of an organization

a)

Premium

b)

Dividend

c)

Shares

d)

Profit

8.

_______ occurs when a creditor is authorized to ask payment from the customer’s bank

a)

Discount

b)

Standing order

c)

Direct debit

d)

Dishonoured cheque

9.

The balance of the adjusted cash book is used in preparing ______

a)

Trading account

b)

Bank statement

c)

Bank reconciliation statement

d)

Trial balance

10.

Trial balance is used to prepare _____

a)

Control account

b)

Bank statement

c)

Cash book

d)

Trading, profit and loss account

11.

In petty cash book the credit side is for

a)

Creditors

b)

Debtors

c)

Analysis columns

d)

Payment

12.

The debit side of petty cash book is for

a)

Bank

b)

Receipts

c)

Debtors

d)

Creditors

13.

______ is the book of original or prime entry which is used for recording small disbursement or expenses (a) (b) (c) (d)

a)

Cash book

b)

Petty cash book

c)

Trial balance

d)

Bank statement

14.

Liabilities of the petty cashier can never _____ the imprest amount

a)

Exceed

b)

Equal

c)

Less to

d)

Reach

15.

Cash discount is classified into ______

a)

4

b)

3

c)

2

d)

1

16.

Accounting equation can be expressed as

a)

A= C + L

b)

C= L –A

c)

A= C – L

d)

L= A+C

17.

Which of the following is an asset?

a)

Creditor

b)

Loan

c)

Cash in hand

d)

Capital

18.

What is liability when asset is N4000, and capital is N2000?

a)

N6000

b)

N1000

c)

N20000

d)

N2000

19.

Bank statement is prepared by _____

a)

Bank

b)

Account holder

c)

Cashier

d)

Manager

20.

All the following are  added to balance as per bank statement except

a)

Standing order

b)

Bank charges

c)

Uncredited cheque

d)

Dividend

21.

Motor van, building, furniture are examples of _____

a)

Liabilities

b)

Capital

c)

Assets

d)

Equity

22.

______ is a book that combines cash, bank and discount accounts into a single book

a)

Bank statement

b)

Three column cash book

c)

Petty cash book

d)

Trial balance

23.

______ is the properties or resources of a business organization

 

a)

Assets

b)

Capital

c)

Long term

d)

Liability

24.

______ is the statement of the position of the business which shows the assets of a business and the sources of those assets

a)

Balance sheet

b)

Capital

c)

Assets

d)

Liabilities

25.

Which of this column is not included in trial balance?

a)

Folio

b)

Particulars

c)

Debit side

d)

Credit side

26.

All expenses must be recorded in _____ side of trial balance

a)

Debit

b)

Credit

c)

Particular

d)

Ledger

27.

All the following are branches of accounting except

a)

Balance sheet accounting

b)

Cost accounting

c)

Management accounting

d)

Financial accounting

28.

_____ are accounts in which income and expenditure are recorded

(a) (b) (c) (d)

a)

Real account

b)

Cost account

c)

Nominal account

d)

Personal account

29.

All the following are examples of personal account except

a)

Equipment

b)

Creditor

c)

Debtor

d)

All of the above

30.

Which of the following is not a source document?

a)

Money

b)

Invoice

c)

Receipt

d)

Credit note

31.

Financial records keeping were believed to have begun at about _____ years BC

a)

4000

b)

150

c)

400

d)

2400

32.

All the following are users of accounting information except

 

a)

Shareholders

b)

Management

c)

Government

d)

Debtors

33.

_____ is the process of allocating the cost of the natural resources to the units removed

a)

Appreciation

b)

Depreciation

c)

Depletion

d)

Amortization

34.

All the following are non manufacturing cost except

a)

Selling expenses

b)

Direct expenses

c)

Distribution expenses

d)

Administration expenses

35.

Where there is no agreement, the partners are to share their profit

a)

Equally

b)

2:3

c)

5%

d)

50% each

36.

______ is a document drawn up by the partners, which contains the rules and regulations guiding the business

a)

Partnership

b)

Account

c)

Document

d)

Deed of partnership

37.

All the following are features of partnership account except

a)

Balance sheet

b)

Appropriation account

c)

Current account

d)

Debtors account

38.

Which of the following is an evidence of payment

a)

Invoice

b)

Cheque

c)

Receipt

d)

Delivery note

39.

The total cash and credit sales during a period is called

a)

Turnover

b)

Sales

c)

Cost of goods sold

d)

Carriage Inward

40.

_____ is the cost of transportation charged on goods purchased

(a)

a)

Carriage Outwards

b)

Carriage Inwards

c)

Returns Outwards

d)

Returns Inwards

41.

Stock of goods is divided into _______

a)

3

b)

10

c)

4

d)

2

42.

Returns inwards is also known as ______

a)

Purchases returns

b)

Sales Returns

c)

Carriage Inward

d)

Carriage Outward

43.

Purchases returns is also known as _______

a)

Sales returns

b)

Return outwards

c)

Returns inwards

d)

Discount allowed

44.

Accrued income is added to ____ and it is treated as an ____

a)

Income, asset

b)

Income, liability

c)

Income, expense

d)

Expenses, asset

45.

Prepaid expense is deducted from _____ and it is treated as ____

a)

Asset, Liability

b)

Income, asset

c)

Expenses, asset

d)

Expenses, income

46.

The purpose of trading account is to ascertain ______

a)

Gross profit

b)

Gross loss

c)

Gross profit/loss

d)

Net profit/loss

47.

The balance of trading account is transferred to _____

a)

Balance sheet

b)

Profit and loss account

c)

Debtors account

d)

Sales account

48.

______ and _______ are the two methods of preparing trading, profit and loss account

a)

Vertical and horizontal

b)

Vertical and parallel

c)

T and vertical

d)

T and horizontal

49.

_____ are goods or cash withdrawn by the owner of a business at interval for his own use

a)

Contra entries

b)

Capital

c)

Income

d)

Drawing

50.

All the following accounts follow the principle of double entry except

a)

Trading account

b)

Balance sheet

c)

Cash book

d)

Sales account

51.

_____ is the excess of the purchase consideration over the net value of assets

a)

cash

b)

goodwill

c)

purchase consideration

d)

capital reserve

52.

A ______ is an artificial person which is recognized in law as a separate legal entity

a)

partner

b)

lawyer

c)

company

d)

corporation

53.

The document that contains the regulation which governs the internal management of the company’s affairs is

a)

memorandum of association

b)

prospectus

c)

articles of association

d)

certificate of incorporation

54.

The originator of Double Entry System

a)

Lucas Pacioli

b)

Marshall

c)

Pikles

d)

Batliboi

55.

Establishment expenses of a new machine will be debited in ............. account

a)

Expenses

b)

Machine

c)

Profit & Loss

d)

None of the above

56.

On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -

a)

Debited by Rs. 1425

b)

Credited by Rs. 1425

c)

Credited by Rs. 1500

d)

Debited by Rs. 1575

57.

The loss on sale of furniture is debited to ........... account

a)

Profit and loss

b)

Furniture

c)

Depriciation

d)

Trading

58.

If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........

a)

Trading A/c

b)

Profit & Loss A/c

c)

Assets

d)

Liabilities

59.

If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-

a)

Rs. 4,40,000

b)

Rs. 4,70,000

c)

Rs. 4,00,000

d)

Rs. 5,00,000

60.

Which financial statement displays the revenues and expenses of a company for a period of time?

a)

INCOME STATEMENT

b)

BALANCE SHEET

c)

CASH FLOW STATEMENT

d)

STATEMENT OF STOCKHOLDER’S EQU

61.

What is the main purpose of financial accounting?

a)

ORGANIZE FINANCIAL INFORMATION

b)

PROVIDE USEFUL, FINANCIAL INFORMATION TO OUTSIDERS

c)

KEEP TRACK OF COMPANY EXPENSES

d)

MINIMIZE COMPANY TAXES

62.

Which of these is not included as a separate item in the basic accounting equation?

a)

ASSETS

b)

REVENUES

c)

LIABILITIES

d)

STOCKHOLDER’S EQUITY

63.

Which financial statement uses the expanded accounting equation?

a)

INCOME STATEMENT

b)

BALANCE SHEET

c)

CASH FLOW STATEMENT

d)

STATEMENT OF STOCKHOLDER’S EQUITY

64.

The accrual basis of accounting records revenues when they are:

a)

COLLECTED

b)

EARNED

c)

CONTRACTED

d)

READILY AVAILABLE FOR USE

65.

The account format that displays debits, credits, balances, and headings.

a)

GENERAL JOURNAL

b)

GENERAL LEDGER

c)

T-ACCOUNT

d)

LEDGER ACCOUNT

66.

Which account is not a liability account?

a)

ACCOUNTS PAYABLE

b)

ACCRUED EXPENSES

c)

CASH

d)

NOTES PAYABLE

67.

Which account increases equity?

a)

EXPENSES

b)

WITHDRAWALS

c)

TREASURY STOCK

d)

REVENUES

68.

Accounting involves which of the following activities?

a)

Recording transactions and summarizing financial data

b)

Conducting market research and advertising

c)

Managing human resources and personnel

d)

Manufacturing products and providing services

69.

What is the primary difference between bookkeeping and accounting?

a)

Bookkeeping focuses on recording transactions, while accounting involves financial analysis and decision-making.

b)

Bookkeeping is used for internal purposes, while accounting is primarily for external stakeholders.

c)

Bookkeeping is a subset of accounting, and the terms are often used interchangeably.

d)

Bookkeeping is only concerned with tax compliance, while accounting encompasses all financial activities

70.

Which of the following best describes bookkeeping?

a)

The interpretation of financial data

b)

The preparation of tax returns

c)

The systematic recording of financial transactions

d)

The analysis of financial statements

71.

Which Italian mathematician and Franciscan friar is often referred to as the "Father of Accounting" for his contributions to double-entry bookkeeping in the 15th century?

a)

Niccolò Machiavelli

b)

Luca Pacioli

c)

Galileo Galilei

d)

Leonardo da Vinci

72.

Who is often referred to as the "Father of Nigerian Accountancy" and is recognized as a pioneering figure in the accounting profession in Nigeria?

a)

Ngozi Okonjo-Iweala

b)

Olusegun Obasanjo

c)

Akintola Williams

d)

Aliko Dangote

73.

The recognized accounting body in Nigeria is

a)

ACCA

b)

IPSAS

c)

CIPM

d)

ICAN

74.

The branches of Accounting are the following except

a)

Tax accounting

b)

Financial accounting

c)

Cost accounting

d)

Management accounting

75.

Which option gives report on financial status of a firm?

a)

Income & Expenditure Account

b)

Balance Sheet

c)

Cash Flow Statement

d)

Profit & Loss Account

76.

Land is a _____ asset

a)

Fixed Asset

b)

Current Asset

c)

Intangible Asset

d)

Fictitious asset

77.

Which is a business liability?

a)

Creditors

b)

Cash

c)

Building

d)

Machinery

78.

In straight line method of providing depreciation, depreciation amount

a)

Remains constant

b)

Increases every year

c)

Decreases every year

d)

None of the options

79.

What is the correct order to prepare financial statements in?

a)

Make end of period adjustments --> income statement --> statement of owners equity --> Balance sheet

b)

balance sheet --> make end of period adjustments --> income statement --> statement of owner's equity

c)

income statement --> owners equity --> balance sheet --> make period adjustments

d)

make adjusting entries--> balance sheet --> statement of owners equity --> net income

80.

the balance sheet discloses the financial position of a business

a)

for a given period

b)

at a specific point of time

c)

on a certain fixed date

d)

all of the above

81.

which of the following is current asset

a)

land and building

b)

machinery

c)

cash

d)

furniture

82.

where did trial balance originate

a)

italy

b)

india

c)

russia

d)

america

83.

a list of assets,liabilities and owners equity of a business enterprise as of a specific date is

a)

income statement

b)

cash flow statement

c)

balance sheet

d)

profit and loss account

84.

capital + liability =

a)

total assets

b)

losses

c)

current asset

d)

fixed asset

85.

the ------ records daily transactions of a business in the order in which they occur

a)

journal

b)

ledger

c)

account

d)

trial balance

86.

an account is a summary of ---- at one place relating to a particular head

a)

all transactions

b)

some transactions

c)

journal

d)

none

87.

Copyrights, Patents and Trademarks are,

a)

A) Current assets

b)

B) Fixed assets

c)

C) Intangible assets

d)

D) Investments

88.

The debts which are to be repaid within a short period (a year or less) are referred to as,

a)

A) Current Liabilities

b)

B) Fixed liabilities

c)

C) Contingent liabilities

d)

D) All the above

89.

Rules for Real Account is

a)

Debit what comes in Credit what goes out

b)

Debit all Expenses and Lossess credit all incomes and gains

c)

Debit the receiver credit the giver

d)

None of the above

90.

The accounts that records expenses, gains and losses are

a)

(A) Personal accounts

b)

(B) Real accounts

c)

(C) Nominal accounts

d)

(D) None of the above

91.

Which of the following is a Real A/c?

a)

a) Building A/c

b)

b) Capital A/c

c)

c) Shyam A/c

d)

d) Rent A/c

92.

The Process of entering all transaction from the Journal to Ledger is called

a)

Posting

b)

Entry

c)

Accounting

d)

None of the above

93.

The Capital of the Company is called...............

a)

Debenture Capital

b)

Preference Capital

c)

Share Capital

d)

Others

94.

Control account is set up in the ________.

a)

Subsidiary Ledger

b)

General Journal

c)

General Ledger

d)

Cash Book

95.

What is the main purpose of preparing Control Accounts?

a)

To simplify the procedure of recording Debtors and Creditors Ledger.

b)

To ensure that the bookkeeper has recorded all the transactions correctly in Cash Book.

c)

To enable General Ledger to be completed more speedily.

d)

To improve the accuracy of recording individual debtors and creditors accounts

96.

The balance of the Debtors Control Account did not agree with the balances in the Debtors Ledger. Which of the following statements are true?


I Sales Journal had been overstated.

II Goods returned from a customer had not been recorded in the books.

III A dishonoured cheque from a customer had not been recorded in the books.

IV A contra entry had been entered in the Debtors Ledger only.

a)

I, II

b)

I, IV

c)

II, III

d)

III, IV

97.

How should the amount of bad debts written off be recorded in Sales Ledger Control Account?

a)

Debited to the account

b)

Credited to the account

c)

Carried down in the account

d)

Debited and credited to the account

98.

The following information related to a firm :


Balance as at 1 January 2013 :

Debtors RM 50,000; Allowance For Doubtful Debts RM 5,000


The following are the balances extracted from the books of the firm for the year 2013:

Credit Sales RM 100,000; Cash Sales RM 80,000; Receipts from credit customers RM 75,000; Bad Debts written off RM 2,000.


What is the balance of the firm’s Debtors Control Account as at 31 December 2013?

a)

RM 43,000

b)

RM 68,000

c)

RM 73,000

d)

RM 153.000

99.

The following shows the information of a company for the year ended 31 Dec 2014:


Debtors Control Account, 1 Jan 2014 RM 4,410

Allowance For Doubtful Debts, 1 Jan 2014 RM 200

Increase in Allowance For Doubtful Debts RM 20

Discounts Allowed RM 120

Bad Debts Written Off RM 150

Sales (including cash sales of RM 5,600) RM 9,200

Receipts from debtors RM 3,240


What is the balance of the Debtors Control Account on 31 Dec 2014?

a)

RM 4,480

b)

RM 4,500

c)

RM 9,880

d)

RM 10,100

100.

How do you record an overpayment refunded by suppliers in Purchases Ledger Control Account?

a)

The account is debited.

b)

The account is credited.

c)

The account is debited with double amount.

d)

The account is credited with double amount.

101.

What would appear in a Purchases Ledger Control account?

a)

returns outward

b)

cash purchases

c)

refund to credit customer

d)

discounts allowed

102.

Which would not appear in a sales ledger control account?

a)

returns inwards

b)

cash sales

c)

customer's cheque dishonoured

d)

Irrecoverable debts

103.

Which would not appear in a purchases ledger control account?

a)

payments to suppliers

b)

Cash purchases

c)

interest charged by suppliers

d)

discount received

104.

Which of the following is another term for creditors control account?

a)

purchases account

b)

payables account

c)

debtors control account

d)

purchases ledger control account

105.

Which of the following is another term for debtors control account?

a)

Receivable account

b)

Sales account

c)

Sales ledger control account

d)

Creditor control account

106.

Offset by contra is recorded by:

a)

A debit in the Purchases Ledger control and a credit in the Sales Ledger control accounts.

b)

A debit and a credit respectively in the account of the particular customer appearing in the Sales Ledger and in the Purchase Ledger

c)

A debit in the Sales Ledger Control and a credit in the Purchase Ledger Control accounts

d)

A combinations of entries in (a) above as well as in (d) below

107.

How do we calculate Total Assets?

a)

Fixed Assets - Current Liabilities

b)

Current Assets / Current Liabilities

c)

Fixed Assets + Current Assets

d)

Fixed Assets - Current Assets

108.

Whcih of the following consist of only assets?

a)

Car, Bank Loan, Computer

b)

Creditor, Debtors, Cash at Bank

c)

Debtors. Cash at bank, Building

d)

Cash in hand, cash at bank, creditors

109.

Select the item which is not a component of a balance sheet.

a)

Fixed Assets

b)

Current Assets

c)

Current Liabilities

d)

Expenses

110.

Calculate the total assets?


Current Assets - $100.00

Fixed Assets - $200

Current Liabilities -$300

Capital - $100

a)

300

b)

400

c)

500

d)

200

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