WorksheetsAccounting Practice Exam
Total questions: 15
Worksheet time: 1hrs 15mins
1.Financial reporting is a way of ........, .......... and ............ financial data.
recording, analyzing and summarizing
calculating, summing, and substracting
noting, recording, and counting
analyzing, counting, and noting
2.Businesses of whatever size or nature exist to make a (a)
3.When expenditure exceeds revenue, the business is running at a (a)
4.Ownership divided into transferable shares of stock
Sole Proprietorship
Partnership
Limited Liability Company
None of the answer
5.Which 2 of the following are correct?
Capital = Assets + Liability
Capital = Net assets
Opening Capital + Capital introduced + Profit/(Loss) – Drawing = Closing Capital
Liability = Capital - Assets
6 (a) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.
7.Accounts payable (AP) is an account within the general ledger that represents a company's (a) to pay off a short-term debt to its creditors or suppliers.
8.How to record payment to rental expense by cash.
Dr. Cash
Cr. Rental Expense
Dr. Rental Expense
Cr. Cash
Dr. Rental Expense
Cr. Receivable
Dr. Rental Expense
Cr. Payable
9.Mr.Virak opened a new company under the name A.B.C Technology (Cambodia) Co.,Ltd. deposited 500,000$ to bank .
Dr. Cash at Bank 500,000$
Cr. Capital 500,000$
Dr. Capital 500,000$
Cr. Cash at Bank 500,000$
Dr. Expense 500,000$
Cr. Capital 500,000$
Dr. Capital 500,000$
Cr. Payable 500,000$
10.Paid to Mr.Ratha for consulation fee 1,000$, amount include withholding tax 15%. Noted: Company collect withholding tax.
Dr. Consulting Fee 1,000$
Cr. Withholding Tax payable 150$
Cr. Cash 850$
Dr. Withholding Tax Payable 150$
Dr. Cash 850$
Cr. Consulting Fee 1,000$
Dr. Consulting Fee 1,000$
Cr. Cash 1,000$
Dr. Cash 1,000$
Cr. Consulting Fee 1,000$
11. Please select 3 items that are applicable. To correct errors properly, we need to:
Identify an error
Recognize what correct entry should have been
Workout how to make correction by means of double entry adjustments
Do nothing
12.At the end of the year, once all ledger accounts have been balanced off, the closing balances are summarised on a long list of balances called (a)
13.Please select components of financial statements. (Select all that apply.)
Statement of Financial Position (Balance Sheet)
Statement of Profit or Loss (Income Statement)
Statement of Changes in Equity
Statement of Cash Flows
14.What are elements of Financial Statement. (Select all that apply)
Assets
Liabilities
Equity
Income
Expense
15.What are the 3 main activities in Statement of Cash Flows. Select all that apply.
Operating Activities
Investing Activities
Financing Activities
Purchase Activities
