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WorksheetsFin Acc (MSF) 3B
Total questions: 20
Worksheet time: 17mins
6% 12-Month fixed deposit of $100,000 starting on May 1, 20X1. The interest income for 20X1 income statement = ?
$0
$3,000
$3,500
$4,000
6% 12-Month fixed deposit of $100,000 starting on May 1, 20X1. The "20X2" income statement show the interest income of ...
$2,000
$2,500
$0
$6,000
Where is the "interest receivable" shown?
Statement of income
Statement of changes in equity
Statement of financial position
Statement of cash flows
$10,000 Six-Month, 3% Bank loan on September 1, 20X1, interest paid at the end of the contract.
The 20X1 income statement will show "Interest Expense" =...
$200
$100
$150
$75
Failure to record "Accrued Expense" on the accounting equation is...
Overstated asset
Overstated liability
Overstated equity
Understated equity
When cash is paid for the accrued expense recorded in the previous period, the effect to the accounting equation is...
L -
A +
L +
Equity -
Cash payments for "i) entertainment cost and ii) a truck" will be recorded as ..., respectively.
Asset / Expense
Expense / Expense
Expense / Asset
Asset / Asset
Supplies at Jan. 1 = $250; Purchase of supplies = $700; Supplies at Dec. 31, = $100.
Which is correct?
Supplies expense = $850
Supplies expense = $600
Supplies = $950
Supplies = $150
On March 1, 20X1, the company recorded a "Prepaid Rent" for $15,000 for 1-year office rental. The adjustment at the end of year results in...
Equity -
Equity +
Asset +
Liability -
On March 1, 20X1, the company recorded a "Prepaid Rent" for $15,000 for 1-year office rental. The balance sheet as of Dec. 31, 20X1, will show...
Rent Expense $10,000
Prepaid Rent $0
Prepaid Rent $10,000
Prepaid Rent $2,500
A company receives a membership fee of $18,000 cash in advance from its customer for a one-year period beginning August 1, 20X1, and records as "Unearned Revenue." The year-end adjustment affects...
Equity +
Equity -
Liability +
Asset -
A company receives a membership fee of $18,000 cash in advance from its customer for a one-year period beginning August 1, 20X1, and records as "Unearned Revenue." The 20X1 income statement will show "Membership Revenue" of...
$18,000
$6,000
$7,500
$0
A company receives a membership fee of $18,000 cash in advance from its customer for a one-year period beginning August 1, 20X1, and records as "Unearned Revenue." The balance sheet as of December 31, 20X1, will show "Unearned Revenue" of...
$0
$12,000
$18,000
$10,500
A company receives a membership fee of $18,000 cash in advance from its customer for a one-year period beginning August 1, 20X1, and records as "Unearned Revenue." The 20X2 financial statements will show "Unearned Revenue" = ... and "Membership Revenue" = ..., respectively.
$0 / $10,500
$0 / $12,000
$10,500 / $0
$12,000 / $0
The depreciation computation based on the straight-line method is...
(Asset cost - Salvage value) * Useful life
(Asset cost - Salvage value) - Useful life
(Asset cost - Salvage value) / Useful life
(Asset cost - Salvage value) + Useful life
A $40,000 equipment with 5-yr useful life and $4,000 salvage value, purchased on September 1, 20X1. The 20X1 income statement will show "Depreciation Expense" = ?
$2,400
$7,200
$1,800
$2,000
A $40,000 equipment with 5-yr useful life and $4,000 salvage value, purchased on September 1, 20X1. The book value of equipment as of December 31, 20X1 = ?
$37,600
$33,600
$38,200
$34,200
A $40,000 equipment with 5-yr useful life and $4,000 salvage value, purchased on September 1, 20X1. The 20X2 income statement will show depreciation expense = ?
$2,400
$5,400
$8,000
$7,200
A $40,000 equipment with 5-yr useful life and $4,000 salvage value, purchased on September 1, 20X1. The book value of equipment as of December 31, 20X2 = ?
$32,800
$28,800
$30,400
$26,400
A $40,000 equipment with 5-yr useful life and $4,000 salvage value, purchased on September 1, 20X1. The "20X6" income statement will show depreciation expense = ?
$0
$4,800
$7,200
$2,400
