Q.1
Refers to the financial obligations of a company that are not expected to be settled within one year.
  • Non-current Assets
  • Current Assets
  • Non-Current Liabilities
  • Current Liabilities
Q.2
A liability expected to be settled in the entity’s normal operating cycle.
  • Non-current Assets
  • Current Assets
  • Non-current Liabilities
  • Current Liabilities
Q.3
This is what the business owes.
  • Assets
  • Liabilities
  • Loans
  • Owner's Equity
Q.4
It is intended for sale or consumption within the entity’s normal operating cycle.
  • Non-current liabilities
  • Current liabilities
  • Non-current Assets
  • Current Assets
Q.5
Two types of Financial Statement Account:
  • General and Journal Form
  • Report and Account Form
  • Statement of Cash flow and Income Statement
Q.6
What is NOT part of FS headings.
  • Name of the business
  • Title of Report
  • Total Assets
  • Date of the report
Q.7
This is what the business owns.
  • Assets
  • Liablities
  • Loans
  • Owner's Equity
Q.8
Also called as Balance Sheet.
  • Statement of Financial Position
  • Financial Statements
  • Statement of Balance
  • Statement of Income
Q.9
These are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings.
  • Statement of Financial Position
  • Financial Statements
  • Balance Sheet
  • Cash flows
Q.10
Kaleb's net profit or loss is
  • Profit $22 000
  • Loss $22 000
  • Profit $178 000
  • Loss $178 000
Q.11
Set off (contra or transfer) entries in control accounts implyI. customer may also be a supplierII. errors made in customer's accountIII. an overpaid sum of money
  • I only
  • II only
  • I and III
  • I, II and III
Q.12
Which of the following journals (day books) provide dishonoured cheques and bad debts for preparation of control accounts?I.General JournalII. Sales JournalIII. Sales Returns Journal
  • I only
  • II only
  • II and III
  • I, II and III
Q.13
A cheque paid to Yvette for $2had been correctly entered in the cash account but had been omitted from Yvette's account. The journal entry to correct the error is
  • Dr. Yvette $2 000Cr. Bank $2 000
  • Dr. Bank $2 000Cr. Yvette $2 000
  • Dr. Yvette $2 000Cr. Suspense $2 000
  • Dr. Suspense $2 000Cr. Yvette $2 000
Q.14
The financial statement used to shoe the calculation of Capital and Net Profit for incomplete record is known as
  • Statement of Financial Position
  • Statement of Affairs
  • Statement of Comprehensive Income
  • Statement of Changes of Owner's Equity
Q.15
The temporary account created when a Trial Balance's totals do NOT agree is known as
  • Personal account
  • Suspense account
  • Reconciliation account
  • Control account
Q.16
The total prepaid salaries for the period is
  • $20 000
  • $40 000
  • $60 000
  • $80 000
Q.17
The items used to prepare the Statement of Financial Position for records that are incomplete include I. Payables paid II. Receivables collected III. Current and acid test ratios
  • I only
  • II only
  • I and II only
  • I, II and III
Q.18
The Statement of Changes in Owner's Equity provides
  • the ending figure/balances for the Statement of Financial Position
  • report on assets, liabilities and owner's equity
  • information on profit or loss made
  • report on a firm's financing activities
Q.19
Accounts receivable control accounts may be used to calculate
  • closing capital
  • credit purchases
  • credit sales
  • amounts paid for payables
Q.20
Mark-up is equal to
  • gross profit ÷salesgross\ profit\ \div salesgross profit ÷sales
  • gross profit ÷cos⁡t of salesgross\ profit\ \div\cos t\ of\ salesgross profit ÷cost of sales
  • sales - gross profit
  • cost of goods available for sales - closing inventory
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