NEW
Font size
Worksheets14.04
Total questions: 20
Worksheet time: 10mins
Accounting Provides information on
Cost and income for managers
Company's tax liability for a particular year
Financial conditions of an institution
All of the above
The long-term assets that have no physical existence but are rights that have value is known as
Current assets
Non-Current assets
Intangible assets
Investments
The process of entering all transactions from the journal to ledger is called
Posting
Entry
Accounting
None of the above
Which of the following is not one of the three forms of business organization?
Corporations
Partnerships
Proprietorships
Investors
Accounts that continuing existing even after the end of the accounting year are known as
Nominal Accounts
Real Accounts
Permanent Accounts
Revenue Accounts
A percentage reduction from the list price of merchandise allowed to retailers by whole sellers is called
Commission
Trade Discount
Cash discount
Allowance
The separate entity assumption means:
A company’s financial statements reflect both the business and owner transactions of that company.
Each owner’s finances must reveal in the company’s financial statements.
The business’s transactions must be accounted separately from the owner’s transactions.
All the above
Cost of goods sold is equal to ______.
Opening stock + purchases + closing stock
Opening stock - purchases + closing stock
Opening stock + purchases - closing stock
Closing stock + purchases - Opening stock
When a company receives a telephone bills but not pay at the end of accounting period, it is called
Advanced revenue
Accrued expenses
Prepaid expenses
Accrued revenue
In which part of Statement of Comprehensive Income, prepaid rent is recorded
Current asset
Non-current asset
Current liabilities
Non-current liabilities
Auditing refers to
Reporting the financial information
Preparation of financial statements
Examination of financial information
Maintaining the ledger accounts
A business paid RM8 000 for services but used up the services for RM9 000 until the end of its accounting period. The extra of RM1 000 would be referred as __________.
Accrued expenses
Accrued income
Prepaid income
Prepaid expenses
Discount Allowed is a kind of deduction from
Account Payable
Account Receivable
Cash account
Discount account
Goods returned by customer should be debited to which of the following accounts.
Sales income account
Sales account
Return inward account
Expenses account
Which one is not a part of the 4 Ps?
Product
People
Price
Place
Which city in the country of India is the largest in terms of population?
Mumbai
Delhi
Kolkata
Jaipur
What does the term "marketing" refer to?
New product development
Advertising and other promotional activities
Achieving sales and profit targets
Creating customer value and satisfaction
What animal can live on for several days without its head?
Duck
Cockroach
Chicken
Ant
Catalogues, sponsored events, and digital media presence are closely associated with the marketing mix activity of?
Product development
Pricing
Promotion
Sales
How many bones are there in the adult human body?
186
206
226
246
