Which is the following is not listed as a qualitative characteristics of financial information?
Adjustments for final account

Quiz
•
Business
•
KG - University
•
Hard
Mohd Noor Azli Ali Khan
Used 31+ times
FREE Resource
8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Relevance
Faithful representation
Understandability
Trustworthiness
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are unearned revenues?
Asset
Liability
Income
Temporary account
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an item of expense is not adjusted for accrual, which of the following is the most likely consequence?
The expense is correctly stated
The expense is overstated
The expense is understated
The liability component in the balance sheet will be overstated
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the year-end a business wrote off bad debt. What is the effect of this?
Capital reduced and non-current assets reduced
Capital reduced and current assets reduced
Current liabilities increased and non-current assets reduced
Current liabilities and current assets reduced
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business transaction which records income earned
will increase assets and reduce equity
will increase assets and liabilities
will leave total assets unchanged
will increase assets and equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An expense will have the following effect
reduce assets and liabilities
leave equity unchanged
have the same effect as liability
reduce equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The net book value of assets is obtained by deducting _______ with accumulated depreciation.
depreciation
market value
percentage of depreciation
cost
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The value of asset recorded in the statement of financial position is at _______ .
cost
market value
net book value
cost plus accumulated depreciation
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