Accounting Grade X Semester 1 Exam Question

dapursoal.com- on this occasion, we will share examples of semester 1 exam questions on accounting subjects.

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1.The basic accounting equation is stated :

1. Liabilities = Assets + Debt
2. Debits = Credits
3. Assets = Liabilities + Equity
4. None of the above

 2. Assets are economic resources of a business used to accomplish it’s main goal, ie.

1. Increase owners wealth
2. Solve world hunger
3. Decrease owners wealth
4. Increase the value to others

 3. Parties using financial statements from outside the company are :

1. Internal users
2. Financial statement writers
3. Investors
4. External users

 4. Preparing financial information involves several steps including

1. Identification
2. Recording
3. Communication
4. All of the above

5. Managerial accounting is designed to prepare information used by :

1. external users
2. Internal users
3. Investment bankers
4. Sports managers

 6. The four general purpose financial statements include :

1. Balance Sheet, Income Statement, Statement of Financial Position
2. Income Statement, Balance Sheet, Statement of Changes in Equity
3. Balance Sheet, Goodwill, Income Statement
4. Assets, Liabilities, Equity

    Company Y begin it’s operations in 2004. The 2004 financial statements include :

1. Total Assets 200
2. Contributed Capital 20 
3. Net Income 100 
4. Total Revenue 150

7. What are total liabilities ?

1. 40
2. 100
3. 80
4. 60

 8. What are the total expenses ?

A.                               50

B.                                60

C.                               40

D.                               55

9. A cash fow statement presents :

1. Revenue and Expenses
2. Changes in owners equity
3. Presents assets, liabilities and owners equity
4. Summarizes Information about cash inflows and outflows

 10. Claims equal

1. Liabilities – Net Worth
2. Assets – Equity
3. Liabilities + Equity
4. Assets + Equity

 11. Contributed capital + retained earnings equal

1. Assets
2. Equity
3. Liabilities
4. 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 :

1. Increase
2. Decrease
3. No effect
4. All of the above

 15. The effect of increased expenses on retained earnings :

1. Decrease 
2. Increase
3. No effect
4. All of the above

 16. Financial statement captioned with “for the period ended” is :

1. Income Statement
2. Bank Statement
3. Balance Sheet
4. All of the above

 17. Financial Statement that presents Net Income or Loss is :

1. Balance Sheet
2. Income Statement
3. Statement of Cash Flows
4. Statement of Changes in Equity

 18. The excess of revenues over expenses is :

1. Distributions
2. Net Loss
3. Total Assets
4. Net Income

 19. The statement of cash flows presents the following cash flow categories :

1. Operating activities
2. Investing Activities
3. Financing activities
4. All of the above

 20. Total assets is found in the

1. Balance sheet
2. Income statement
3. Statement of cash flows
4. Statement of changes in equity

21. Accounts that remain open and are carried forward from period to period :

1. Long accounts
2. Short accounts
3. Permanent accounts
4. Temporary accounts

 22. Income statement accounts are known as :

1. Long accounts
2. Short accounts
3. Permanent accounts
4. Temporary accounts

 23. Accounting method that recognizes the effects of accounting events when the event occurs is

1. Cash basis accounting
2. Accrual basis accounting
3. Asset accounting 
4. Expense accounting

24. Recognizing revenues when earned and expenses when incurred is :

1. Accrual basis accounting
2. Cash basis accounting
3. Asset accounting
4. Expense accounting

 25. Recording revenue when cash is received is an example of :

1. Asset accounting
2. Accrual basis accounting
3. Cash basis accounting
4. Expense accounting

 26. An amount of future cash receipts is :

1. Cash basis accounting
2. Accrual basis accounting
3. Accounts payable
4. Accounts receivable

 27. Exchanging one asset for another is called

1. Asset use transaction
2. Asset exchange transaction
3. Asset source transaction
4. None of the above

 28. Expenses incurred but not paid are

1. Accrued revenue
2. Cash basis accounting
3. Accrued expenses
4. None of the above

29. Amount of the future cash payment to employees for work already performed is :

1. Salary payable
2. Accrued revenue
3. Accounts payable
4. Accounts receivable

 30. An increase in assets or decrease in liabilities resulting from operating activity

1. Revenue
2. Expense
3. Asset
4. Liability

 31. The purchase of a certificate of deposit generates activity in the following accounts :

1. Certificate of deposit
2. Interest receivable
3. Interest revenue
4. All of the above

 32. The amount of interest earned is

1. Interest revenue
2. Interest expense 
3. Interest receivable 
4. None of the above

 33. Adjustments to account balances before final financial statements are called :

1. Exchange transactions
2. Credit accounts
3. Debit accounts
4. Adjusting entries

 34. An obligation in the form of a written promissory note is called :

1. Account payable
2. Note payable
3. Note receivable
4. Account receivable

 35. Future payments of interest for using someone’s money is called :

1. Interest receivable
2.  Interest payable
3. Interest revenue
4. Interest expense

 36. The amount originally exchanged for an asset is called :

1. Average cost
2. Interest expense
3. Historical cost
4. 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 ?

1. 75
2. 100
3. 200
4. 50

 38. How much is interest revenue ?

1. 200
2. 100
3. 50
4. 75

 39. The term CD means :

1. Certificate of Deposit
2. Can Do
3. Certify Death
4. 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

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