dapursoal.com- on this occasion, we will share examples of semester 1 exam questions on accounting subjects.
Thank you, hopefully the material we provide is useful for you
The question file can be downloaded here
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Choose
the correct answer!
1.The basic accounting equation
is stated :
- Liabilities = Assets + Debt
- Debits = Credits
- Assets = Liabilities + Equity
- None of the above
- Increase owners wealth
- Solve world hunger
- Decrease owners wealth
- Increase the value to others
3. Parties using financial
statements from outside the company are :
- Internal users
- Financial statement writers
- Investors
- External users
4. Preparing financial
information involves several steps including
- Identification
- Recording
- Communication
- All of the above
5. Managerial accounting is
designed to prepare information used by :
- external users
- Internal users
- Investment bankers
- Sports managers
6. The four general purpose
financial statements include :
- Balance Sheet, Income Statement, Statement of Financial Position
- Income Statement, Balance Sheet, Statement of Changes in Equity
- Balance Sheet, Goodwill, Income Statement
- Assets, Liabilities, Equity
Company Y begin it’s operations in 2004. The
2004 financial statements include :
- Total Assets 200
- Contributed Capital 20
- Net Income 100
- Total Revenue 150
7. What are total liabilities ?
- 40
- 100
- 80
- 60
8. What are the total expenses
?
A.
50
B.
60
C.
40
D.
55
9. A cash fow statement
presents :
- Revenue and Expenses
- Changes in owners equity
- Presents assets, liabilities and owners equity
- Summarizes Information about cash inflows and outflows
10. Claims equal
- Liabilities – Net Worth
- Assets – Equity
- Liabilities + Equity
- Assets + Equity
11. Contributed capital +
retained earnings equal
- Assets
- Equity
- Liabilities
- None of the above
12. A transaction that results
in a decrease in an asset account and are of the claims accounts is
A. An asset use
transaction
B. An asset source
transaction
C. Expense
transaction
D. All of the above
13. An example of an asset
source transaction is :
A. Revenue
B. Capital contribution
C. Borrowings
D. All of the above
14. The effect of increased
revenue on total liabilities :
- Increase
- Decrease
- No effect
- All of the above
15. The effect of increased
expenses on retained earnings :
- Decrease
- Increase
- No effect
- All of the above
16. Financial statement
captioned with “for the period ended” is :
- Income Statement
- Bank Statement
- Balance Sheet
- All of the above
17. Financial Statement that
presents Net Income or Loss is :
- Balance Sheet
- Income Statement
- Statement of Cash Flows
- Statement of Changes in Equity
18. The excess of revenues over
expenses is :
- Distributions
- Net Loss
- Total Assets
- Net Income
19. The statement of cash flows
presents the following cash flow categories :
- Operating activities
- Investing Activities
- Financing activities
- All of the above
20. Total assets is found in
the
- Balance sheet
- Income statement
- Statement of cash flows
- Statement of changes in equity
21. Accounts that remain open
and are carried forward from period to period :
- Long accounts
- Short accounts
- Permanent accounts
- Temporary accounts
22. Income statement accounts
are known as :
- Long accounts
- Short accounts
- Permanent accounts
- Temporary accounts
23. Accounting method that
recognizes the effects of accounting events when the event occurs is
- Cash basis accounting
- Accrual basis accounting
- Asset accounting
- Expense accounting
24. Recognizing revenues when
earned and expenses when incurred is :
- Accrual basis accounting
- Cash basis accounting
- Asset accounting
- Expense accounting
25. Recording revenue when cash
is received is an example of :
- Asset accounting
- Accrual basis accounting
- Cash basis accounting
- Expense accounting
26. An amount of future cash
receipts is :
- Cash basis accounting
- Accrual basis accounting
- Accounts payable
- Accounts receivable
27. Exchanging one asset for
another is called
- Asset use transaction
- Asset exchange transaction
- Asset source transaction
- None of the above
28. Expenses incurred but not
paid are
- Accrued revenue
- Cash basis accounting
- Accrued expenses
- None of the above
29. Amount of the future cash
payment to employees for work already performed is :
- Salary payable
- Accrued revenue
- Accounts payable
- Accounts receivable
30. An increase in assets or
decrease in liabilities resulting from operating activity
- Revenue
- Expense
- Asset
- Liability
31. The purchase of a
certificate of deposit generates activity in the following accounts :
- Certificate of deposit
- Interest receivable
- Interest revenue
- All of the above
32. The amount of interest
earned is
- Interest revenue
- Interest expense
- Interest receivable
- None of the above
33. Adjustments to account
balances before final financial statements are called :
- Exchange transactions
- Credit accounts
- Debit accounts
- Adjusting entries
34. An obligation in the form
of a written promissory note is called :
- Account payable
- Note payable
- Note receivable
- Account receivable
35. Future payments of interest
for using someone’s money is called :
- Interest receivable
- Interest payable
- Interest revenue
- Interest expense
36. The amount originally
exchanged for an asset is called :
- Average cost
- Interest expense
- Historical cost
- Account receivable
ABC is on the cash basis of accounting.
On December 31 ABC has the following facts :
Interest earned 200
Interest received 100
Interest incurred 50
Interest
paid 75
37. How much is interest
expense ?
- 75
- 100
- 200
- 50
38. How much is interest
revenue ?
- 200
- 100
- 50
- 75
39. The term CD means :
- Certificate of Deposit
- Can Do
- Certify Death
- Christmas Day
40. Revenue earned but not yet
received is called :
A. Accrued
revenue
B.Revenue
receivable
C. Accounts
receivable
D. Account payable
Thank you, hopefully the material we provide is useful for you
The question file can be downloaded here
dapursoal.com
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