Financial Statements 1 Test 26

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Financial Statements 1 Test 26

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Weekly Quiz Competition

Question 1
1 / -0

Cost of goods sold exclude:

A
Opening Stock

B
Carriage inward

C
Wages & Salary

D
Postage & Stamps

Solution

Postage and stamp expenses are indirect expenses. Therefore, these expenses are shown in expenditure side of profit and loss account and are not included in the cost of goods sold.
Question 2
1 / -0

Which of the following should be the misappropriate order of current asset in a balance sheet?

A
Cash, debtor, bank, stock

B
Bank, cash, stock, debtor

C
Stock, bank, cash, debtor

D
Cash bank, debtor, stock
Question 3
1 / -0

Which of the following external influences will not affect the directors in the preparation of the financial statements?

A
Legislation

B
Regulatory requirements

C
The Political environment

D
Accounting requirements
Question 4
1 / -0

The expired portion of capital expenditure shown in the financial statement is _________.

A
an income

B
an expense

C
an asset

D
a liability
Question 5
1 / -0

Which is a part of financial statements?

A
Balance sheet

B
Book keeping

C
Debit & Credit

D
All of the above

Solution

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time.
Question 6
1 / -0

Balance sheet is always prepared _______________.

A
for the year ended

B
as on a specific date

C
for the current year

D
None of these

Solution

The statement of financial position also known as a Balance Sheet represents the Assets, Liabilities and Equity of a business at a point in time. It is one of the three core financial statements that are used to evaluate a business. Hence, option B is correct.
Question 7
1 / -0

It is not a feature of balance sheet _________.

A
shows the position of capital

B
prepared for a particular period

C
it is a statement

D
Both b & c
Question 8
1 / -0

Balance sheet is prepared from __________.

A
real accounts

B
nominal accounts

C
personal accounts

D
Both A & C

Solution

The Balance sheet is the statement which shows the assets, equity and liabilities of the company. It is divided under Assets and equity & liabilities heads. It shows balances of Personal and real account. Hence, option D is correct.
Question 9
1 / -0

The financial position of the business on a given date is reported on the ________________.

A
Income Statement

B
Balance Sheet

C
Statement of Changes in Owner's Equity

D
Statement of Flows
Question 10
1 / -0

Which of the following highlights the correct order of the stages in the accounting cycle?

A
Journalizing, final accounts, posting to the ledger and trial balance

B
Journalizing, posting to the ledger, trial balance and final accounts

C
Posting to the ledger, trial balance, final accounts and journalizing

D
Posting to the ledger, journalizing, final accounts and trial balance

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Financial Statements 1 Test 26

Result

Financial Statements 1 Test 26

Score

-

Rank

-

SHARING IS CARING

Question 1

Opening Stock

Carriage inward

Wages & Salary

Postage & Stamps

Solution

Question 2

Cash, debtor, bank, stock

Bank, cash, stock, debtor

Stock, bank, cash, debtor

Cash bank, debtor, stock

Question 3

Legislation

Regulatory requirements

The Political environment

Accounting requirements

Question 4

an income

an expense

an asset

a liability

Question 5

Balance sheet

Book keeping

Debit & Credit

All of the above

Solution

Question 6

for the year ended

as on a specific date

for the current year

None of these

Solution

Question 7

shows the position of capital

prepared for a particular period

it is a statement

Both b & c

Question 8

real accounts

nominal accounts

personal accounts

Both A & C

Solution

Question 9

Income Statement

Balance Sheet

Statement of Changes in Owner's Equity

Statement of Flows

Question 10

Journalizing, final accounts, posting to the ledger and trial balance

Journalizing, posting to the ledger, trial balance and final accounts

Posting to the ledger, trial balance, final accounts and journalizing

Posting to the ledger, journalizing, final accounts and trial balance

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