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WorksheetsFA Quiz 1
Total questions: 16
Worksheet time: 8mins
Name
Class
Date
1.
Which of the following are NOT examples of intangible assets?
a)
Building
b)
Goodwill
c)
Patents
d)
Copyright
2.
Which of the following is an asset?
a)
Bank loan
b)
Equipment with remaining life of three years
c)
Salaries.
d)
Tax
3.
Which of the following will form a part of the equity in the accounting equation?
a)
Cash
b)
Amounts receivable from customers.
c)
Property, plant & equipment
d)
Share capital
4.
Unpaid salaries to staff at the end of accounting period, will be shown as…………in balance sheet and ………….in income statement.
a)
Asset, expense
b)
Asset, income
c)
Liability, Expense
d)
Liability, income
5.
Revenue received from goods sold to customer is ………
a)
Asset
b)
Income
c)
Expense
d)
Liability
6.
Income received by Infosys on sale of office space is…………
a)
Non-operating income
b)
Operating Income
c)
Expense
d)
Asset
7.
Interest paid to bank for the overdraft facility availed is……..
a)
Asset
b)
Income
c)
Expense
d)
Liability
8.
Using the Accounting Concept of Dual Aspect, which of the following equations are correct:
a)
Assets = Liabilities - Dividend
b)
Assets + Liabilities = Profit + Loss
c)
Assets = Liabilities + Owners’ Equity
d)
Assets = Liabilities – Owners’ Equity
9.
Using the matching concepts, which of the following are matched for a given period:
a)
Assets and Liabilities
b)
Profit and Loss
c)
Sales and Debtors
d)
Revenues and Expenses
10.
__________is purchased for long term use in the business.
a)
Office space
b)
Raw material inventory
c)
Finished goods inventory
d)
Scrap
11.
__________are goods held for sale in normal course of business by an FMCG company.
a)
Machinery that helps in stock movement in warehouse
b)
Finished goods inventory
c)
Raw material inventory
d)
Scrap
12.
Recording personal expenses of owners as business expenses, violates Separate entity concept-
a)
TRUE
b)
FALSE
13.
Reporting results of business after two years, violates Periodicity concepts-
a)
TRUE
b)
FALSE
14.
The accountant of a large corporation suggests that only those transactions which involved cash inflows/ outflows should be recorded in the books of accounts. This is in violation of which of the following concepts ?
a)
Historical cost
b)
Separate entity
c)
Dual aspect
d)
Accrual
15.
………. principle requires that the accountant should book all anticipated losses but book profits only when they are realized.
a)
Conservatism
b)
Materiality
c)
Reliability
d)
Periodicity
16.
Changing accounting policies without disclosing the rationale and impact of the change on accounting numbers is a violation of …………. principle
a)
Reliability
b)
Consistency
c)
Accrual
d)
Materiality
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