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WorksheetsAccounting and Finance Quiz
Total questions: 53
Worksheet time: 13hrs 15mins
The order of the Equity account in a Balance sheet is defined by ________ .
custom and tradition
a fancy way of saying pay
the order of their liquidity
All ways
A company has $3,000,000 in Owners' Equity and $275,000 in liabilities. What are the assets of the company?
$3,275,000
$2,025,000
$250,000
$1,250,000
Liabilities that are expected to be paid sometime after the next year are _________
Current liabilities
Current assets
Non-current assets
Non-current liabilities
___________ is to show the inflows and outflows, the changes in the balance of cash and cash equivalents during a certain accounting period arising from the operating, investing, and financing activities of an enterprise.
The Statement of Cash Flow
The Income Statement
The Statement of Retained Earnings
The Balance Sheet
Which is the closest meaning to the phrase: ' late, not returned as expected?
overdue
knack
buck
pay off
Which of the following items is not the main section in a Balance Sheet?
Assets
Liabilities
Equity
Unearned revenues
Which is the most common form of Rent expenses account in the Income statement?
Rent expenses
Rent
Rent liability
liabilities
_______ is the process of making transactions and turning them into a journal entry.
Journalizing
Bookkeeping
Accounting
writing
If the statement is for the quarter ended December 31, 2002, how can we state the period of time?
For the Quarterly Ended December 31, 2002
For the Three Months Ended December 31, 2002
For the Six Months Ended December 31, 2002
For 5 months
Items owned by a business that have monetary value are known as ____________.
Assets
Liabilities
Owner's equity
equities
Which profession is widely considered a 'language of business'?
Teaching
Short-handing and typing
Accounting
Bookkeeping
What does CPA stand for?
It stands for Certified Public Accountant.
It stands for Certified Public Accountants.
It stands for Certified Publicy Accountant.
It stands for Certify Public Accountant.
What does the word 'quarter' most closely mean?
a year
six months
a month
three months
_________ is a financial statement that reflects the revenues and expenses of an enterprise during a period.
The statement of cash flow
The statement of retained earnings
The income statement
The balance sheet
Which is the closest meaning to the phrase 'a financial plan of expenses and income'?
buck
budget
Financial account
expenses and income
What do we call a process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated?
Cost accounting
Managerial accounting
Budget accounting
Financial accounting
Which of the following items is not a liability?
Wage payable
Accounts payable
Taxes payable
Pre-paid expenses
_________ is an accounting statement that reflects assets, liabilities and owner's equity of an enterprise at a specific date.
The Income Statement
The Balance Sheet
The Statement of Retained Earnings
The Statement of Cash Flow
_________consists (largely) of auditing and tax services.
Financial Accounting
Public Accounting
Private Accounting
Managerial Accounting
What date would be for Balance sheet if the Income Statement is for the period ending December 31st 2006?
December 30th 2007
December 31st 2007
December 31st 2006
December 30th 2006
Which system involves making at least two entries for every transaction?
single_entry system
double_entry system
bookkeeping
Neither single_entry nor double entry system
Which title refers to the job of an accountant?
ACCD
CPA
CAA
CAP
Which of the following items is not included in the Expenses Account?
Interest expense
Pre-paid expense
Payroll expense
Rent
Which of the following items is an accounting equation?
Common stock = Liabilities + Assets + Retained earnings
Liabilities = Assets + Common stock + Beginning retained earnings + Net income - Dividends
Assets = Liabilities + Common stock + Beginning retained Earnings + Revenues - Expenses - Dividends
Common stock = Beginning Retained Earnings + Revenues
Which of the following items is not an owners equity?
Common stocks
Preferred stocks
Inventory
Capital surplus
Money owed to an outsider is a(n) _________________.
Assets
Liabilities
Owner's equity
A, B, and C are correct
Which is the closest meaning to the phrase 'strapped for cash'?
have no money unavailable
have much money available
have no money available
have much money unavailable
What is a double-entry bookkeeping system?
It involves making at least two entries for every transaction: a debit in one account.
It involves making at least one entry for every transaction: a credit in one account.
It involves making at least two entries for every transaction: a debit in one account and a corresponding credit in another account.
It involves making only two entries for every transaction: a debit in one account and a corresponding credit in another account.
What is Accounting?
It is helpful for managers, investors, tax authorities, and other decision-makers to make resource allocation decisions.
It is calculated
It is the measurement, disclosure, or provision of assurance about financial information.
They are the numbers
Which of the following items is equal to 'Net income'
Revenues - Expenses
Expenses - Revenues
Unearned Revenues
Unearned revenue and revenues
We…………this product for years and it is still very successful.
A. offer
B. offered
C. have offered
D. was offering
Loans are paid back in installments which can be arranged with the bank, …………. on the terms of the loans.
depend
depended
depending
to
Thank you for your order. Your goods ………………, and the sum of $17.50 …………from your account within the next five days.
have dispatched/will be deducted
have been dispatched/will be deducted
will be dispatched/will be deducted
have been dispatched/have been deducted
The company owes the bank almost $2 million,……….it is currently unable to pay back.
that
which
so
because
People stop ………..money when they lose confidence in banks.
to spend
spend
spending
spended
He doesn’t want to buy expensive shares and sell them for …………
less
fewer
cheap
more
Assets minus liabilities …………….the equity of the company.
is represented
represent
represents
represented
Supply and demand ……….the basis of the economy.
are
is
was
has been
……………British don’t generally use pre-paid credit cards.
Some
Few
The
(some)
The advisor helped them…………their debts.
manage
to manage
managing
A and B are correct.
The price of some agricultural products depends on the seasonal _____ of the goods.
change
variation
exchange
replacement
If consumers cannot find exactly the product they want, they might choose a _______.
thing
method
substitute
circle
The price of precious metals such as gold may be stable for a long period of time and then there may be sudden _____.
fail
drop
upward
downward
Bad weather can affect the ________ of goods to local food markets
productivity
number
figures
produce
A decrease in the price of goodwill often results in an _______ demand for that good.
movement
fluctuation
change
exchange
Employers expect a good level of ________ from the employees for quite a low wage.
salary
fluctuation
change
movement
If a company increases _____ , there is not an automatic increase in demand.
capital
supply
advertising
investing
A decrease in demand is called a _______ in demand.
upward
reduce
downward
fallen
An upward curve in the oil price may lead to an ______ in the economy as production costs increase.
expansion
increasing
exchange
expectation
A related product such as software for a computer is known in _______ as a complementary
economy
economics
business
advertisement
A company may ______ some of its activities to an overseas location
compound
combine
coordinate
export
When the price of a good or service decreases this is usually called an ______ in demand, not an expansion of demand.
extension
decrease
upward
downward
Producers sometimes underestimated demand for a good and do not manufacture a sufficient _____.
quality
quantity
efficient
subtleness
