Which of the following is NOT a step in the accounting process?
PAL DIAGNOSTIC TEST ( ACCOUNTING )

Quiz
•
Mathematics
•
12th Grade
•
Hard
nhss1e12 undefined
Used 3+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Identification.
Economic entity
Recording
Communication
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The historical cost principle states that:
Assets should be initially recorded at cost and adjusted when the fair value changes.
Activities of an entity are to kept separate and distinct from its owner.
Assets should be recorded at their cost
Only transaction data capable of being expressed in terms of money be included in the accounting records.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Net income will result during a time period when:
Assets exceed liabilities.
Assets exceed revenues.
Expenses exceed revenues.
Revenues exceed expenses.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Performing services on account will have the following effects on the components of the basic accounting equation:
Increase assets and decrease owner’s equity.
Increase assets and Increase owner’s equity.
Increase assets and Increase liabilities.
Increase liabilities and Increase owner’s equity.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following events is not recorded in the accounting records?
Equipment is purchased on account.
An employee is terminated.
A cash investment is made into the business.
The owner withdraws cash for personal use.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
During 2019, Amir Catering’s assets decreased RM50,000 and its liabilities decreased RM50,000. Its owner’s equity therefore:
Increased RM50,000.
Decreased RM50,000.
Decreased RM100,000.
Did not change.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following statements is FALSE?
A statement of cash flows summarizes information about cash inflows(receipt) and outflows(payments) for a specific period time
A statement of financial position reports the assets, liabilities and owner’s equity at specific date.
An income statement presents the revenues, expenses, changes in owner’s equity, and resulting net income or net loss for specific period of time.
An owner’s equity statement summarizes the changes in owner’s equity for specific period of time.
Create a free account and access millions of resources
Similar Resources on Wayground
23 questions
Review #2 Financial Literacy midterm

Quiz
•
9th - 12th Grade
18 questions
Geometric vs. Binomial

Quiz
•
10th Grade - University
20 questions
Business Finance Vocabulary

Quiz
•
12th Grade
18 questions
Chapter 2 Vocabulary

Quiz
•
12th Grade
17 questions
CH 4 Ramsey- Credit and Debt

Quiz
•
9th - 12th Grade
25 questions
CM Chapter 1 Test

Quiz
•
11th - 12th Grade
20 questions
BIZFIN

Quiz
•
12th Grade
25 questions
Entrep Finals Quiz 1

Quiz
•
12th Grade - University
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade