PAL DIAGNOSTIC TEST ( ACCOUNTING )

PAL DIAGNOSTIC TEST ( ACCOUNTING )

12th Grade

22 Qs

quiz-placeholder

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PAL DIAGNOSTIC TEST ( ACCOUNTING )

PAL DIAGNOSTIC TEST ( ACCOUNTING )

Assessment

Quiz

Mathematics

12th Grade

Hard

Created by

nhss1e12 undefined

Used 3+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is NOT a step in the accounting process?

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.

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