WorksheetsFin Acc (MSF) 2B
Total questions: 5
Worksheet time: 3mins
Name
Class
Date
1.
The basis for financial statement preparation is called...
a)
The accrual basis
b)
The cash basis
c)
The accounting basis
d)
The financial reporting basis
2.
What is the effect to an accounting equation after a company completely providing services to customers?
a)
Asset + / SE +
b)
Asset + / L +
c)
L + / SE +
d)
No effect
3.
When cash is collected from a company's receivable, the effect on an accounting equation is ...
a)
Asset + / SE +
b)
Asset + / L +
c)
L - / SE +
d)
No effect
4.
The effect of "Accrued Expense" (e.g. salary payable) on an accounting equation is...
a)
A - / SE -
b)
L + / SE -
c)
L - / SE +
d)
No effect
5.
Which financial statement will a salary payable be shown?
a)
Statement of financial position
b)
Statement of profit and loss
c)
Statement of changes in stockholders' equity
d)
Statement of cash flows
100 %
