Financial Statements and Analysis Test

Result

Financial Statements and Analysis Test - 26

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Weekly Quiz Competition

Question 1
1 / -0

In case of unexpired entry following entry should be made _________________.

A
It should be shown as an asset in the balance sheet

B
It is shown as a expense in profit and loss account

C
Both A & B

D
None the above
Question 2
1 / -0

Stimulus: You have presented a good report.
Response: Thank you.
How will you classify the above transaction as per concept of transactional analysis ________________.

A
Adult - Child

B
Adult - Adult

C
Parent - Parent

D
Child - Adult
Question 3
1 / -0

Loss on sale of plant and machinery should be written off against _________.

A
Share premium

B
Depreciation fund account

C
Sales account

D
Profit & Loss account

Solution

A loss on sale is the amount of money that is lost by a company when selling a non-inventory asset for more than its value. The sale price of the car is below its original cost, so there will be a loss on sale. Such loss on sale of assets are written off in profit and loss A/c.
Therefore, B is the correct option.
Question 4
1 / -0

Loss on sale of machinery will be ________.

A
debited on Machinery A/c

B
credited to Machinery A/c

C
credited to Profit and Loss A/c

D
None of them

Solution

Loss on sale. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the Machinery A/c.
Question 5
1 / -0

Outstanding business rent of Rs.$$15,000$$ was paid by the proprietor from his purse. The effect on the balance sheet is that ________________.

A
both liabilities and assets are increased

B
both liabilities and assets are decreased

C
liabilities are increased, while the assets are decreased

D
liabilities are decreased, while the assets are increased
Question 6
1 / -0

A cash purchase of supplies would ________________.

A
Decrease owner's equity

B
Increases liabilities

C
Have no effect on total assets

D
None of these
Question 7
1 / -0

Which of the following actions reflects 'adult ego' as per the concept of Transactional Analysis?

A
Pleasure

B
Pondering

C
Blessing

D
All of above
Question 8
1 / -0

In periods of inflation, accounting depreciation is ______________ relative to replacement cost and real economic income is ______________.

A
overstated, overstated

B
overstated, understated

C
understated, overstated

D
understated, understated
Question 9
1 / -0

Stimulus: I have finish the report tonight as it is due tomorrow.
Response: You always leave things to the last minutes
How will you classify the above transaction as per concept of transactional analysis ___________.

A
Adult - Adult

B
Parent - Adult

C
Adult - Parent

D
Child - Adult
Question 10
1 / -0

A company discloses the following information in relation to its receivables in the notes to its financial statements.
Gross amount receivable - Rs. 4,800
Provision for doubtful debts - Rs. 360
Net Carrying amount of receivable - Rs. 4,400
Which one of the following is the maximum credit risk that it must also disclose in the notes to comply with IFRS 7?

A
Rs. 360

B
Rs. 4,400

C
Rs. 4,800

D
No disclosure is required

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Re-Attempt Weekly Quiz Competition

Financial Statements and Analysis Test - 26

Result

Financial Statements and Analysis Test - 26

Score

-

Rank

-

SHARING IS CARING

Question 1

It should be shown as an asset in the balance sheet

It is shown as a expense in profit and loss account

Both A & B

None the above

Question 2

Adult - Child

Adult - Adult

Parent - Parent

Child - Adult

Question 3

Share premium

Depreciation fund account

Sales account

Profit & Loss account

Solution

Question 4

debited on Machinery A/c

credited to Machinery A/c

credited to Profit and Loss A/c

None of them

Solution

Question 5

both liabilities and assets are increased

both liabilities and assets are decreased

liabilities are increased, while the assets are decreased

liabilities are decreased, while the assets are increased

Question 6

Decrease owner's equity

Increases liabilities

Have no effect on total assets

None of these

Question 7

Pleasure

Pondering

Blessing

All of above

Question 8

overstated, overstated

overstated, understated

understated, overstated

understated, understated

Question 9

Adult - Adult

Parent - Adult

Adult - Parent

Child - Adult

Question 10

Rs. 360

Rs. 4,400

Rs. 4,800

No disclosure is required

User

Question Analysis

My Perfomance

Score

-

Rank

-

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