Cash Flow Statement Test

Result

Cash Flow Statement Test - 9

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Weekly Quiz Competition

Question 1
1 / -0

Purchase of office equipment will affect___________.

A
Financing Activities

B
Operating Activities

C
None of these

D
Investing Activities

Solution

Purchase of any fixed asset is considered as investing activities. As office equipment is a fixed asset.
Question 2
1 / -0

Interest paid on public deposits will be ____ and _______.

A
+ Financing activities, Less: Investing Activities

B
+ operating activities, Less: Financing Activities

C
Less: operating activities, Add: Financing Activities

D
+ Investing activities, Less: Financing Activities

Solution

Public deposit is a source of finance. Interest paid on public deposits (financial Expenses) will be added in operating activities and deducted in financing activities.
Question 3
1 / -0

Which of the following is not a source of finance?

A
Bank Loan

B
Fixed Assets

C
Debentures

D
Bank Overdraft

Solution

Following are the source of finance except fixed assets:
•Bank Loan
•Bank Overdraft
•Debentures

As fixed assets is a investing activity.
Question 4
1 / -0

Cash Receipts from sale of goods by a trading company come under which activity while preparing cash flow statement?

A
Operating Activity

B
Investing Activity

C
Operating and Financing Activities

D
Financing Activity

Solution

Cash Receipts from sale of goods by a trading company come under operating activities. As it is an operating transaction.
Question 5
1 / -0

When the incoming partner pays his share of goodwill privately to the sacrificing partner outside the business Which account should be debited in the books of account?

A
Premium for goodwill A/c

B
Cash A/c

C
Partner’s capital A/c

D
No entry should be recorded

Solution

When a new partner pays his premium for goodwill amount privately to the sacrificing partners, No entry will be passed in the books.
Question 6
1 / -0

Rent Received is classified under:

A
Operating Activities

B
Financing Activities

C
Investing Activities

D
Cash and Cash Equivalents

Solution

Rent Received is classified under investing Activities in preparation of Cash Flow Statement.
Question 7
1 / -0

Proposed Dividend is classified under:

A
Short term provisions

B
Non-current Liabilities

C
Long term provisions

D
Reserves and Surplus

Solution

Proposed Dividend is classified under short term provisions as it is shown in the Head of Current liabilities.
Question 8
1 / -0

Computer Software is classified under:

A
Current Liabilities

B
Fixed tangible Assets

C
Fixed Intangible Assets

D
Long term borrowings

Solution

According to Company's Balance Sheet Format Computer Software is a Non Current Liabilities as fixed intangible Assets.
Question 9
1 / -0

Provision for doubtful debts will appear under:

A
Long -term Provisions

B
Other Current Assets

C
Short- term Provisions

D
Reserves and Surplus

Solution

Provision for doubtful debts will appear under Short- term Provisions in the heading of Current Liabilities in Company's Balance Sheet.
Question 10
1 / -0

Loose Tools are shown under:

A
Trade Receivables

B
Other Current Assets

C
Inventories

D
Cash and Cash Equivalents

Solution

Loose Tools is the part of Inventories as it is not for sale purpose.

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Re-Attempt Weekly Quiz Competition

Cash Flow Statement Test - 9

Result

Cash Flow Statement Test - 9

Score

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Rank

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SHARING IS CARING

Question 1

Financing Activities

Operating Activities

None of these

Investing Activities

Solution

Question 2

+ Financing activities, Less: Investing Activities

+ operating activities, Less: Financing Activities

Less: operating activities, Add: Financing Activities

+ Investing activities, Less: Financing Activities

Solution

Question 3

Bank Loan

Fixed Assets

Debentures

Bank Overdraft

Solution

Question 4

Operating Activity

Investing Activity

Operating and Financing Activities

Financing Activity

Solution

Question 5

Premium for goodwill A/c

Cash A/c

Partner’s capital A/c

No entry should be recorded

Solution

Question 6

Operating Activities

Financing Activities

Investing Activities

Cash and Cash Equivalents

Solution

Question 7

Short term provisions

Non-current Liabilities

Long term provisions

Reserves and Surplus

Solution

Question 8

Current Liabilities

Fixed tangible Assets

Fixed Intangible Assets

Long term borrowings

Solution

Question 9

Long -term Provisions

Other Current Assets

Short- term Provisions

Reserves and Surplus

Solution

Question 10

Trade Receivables

Other Current Assets

Inventories

Cash and Cash Equivalents

Solution

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