TOPIC 6 AND TOPIC 7 FINANCIAL STATEMENT WITH YEAR END ADJUSTMENT

TOPIC 6 AND TOPIC 7 FINANCIAL STATEMENT WITH YEAR END ADJUSTMENT

1st - 2nd Grade

10 Qs

quiz-placeholder

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TOPIC 6 AND TOPIC 7 FINANCIAL STATEMENT WITH YEAR END ADJUSTMENT

TOPIC 6 AND TOPIC 7 FINANCIAL STATEMENT WITH YEAR END ADJUSTMENT

Assessment

Quiz

Social Studies

1st - 2nd Grade

Hard

Created by

NORLELA SARANI

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of preparing financial statements?

As accounting analysis used to identify the trends and relationship between items.

To evaluate the performace of an organization.

To record information regarding the business activities from the source documents.

To check daily cash and banking transactions.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the followings is NOT the main components of financial statements.

Trading Account

Profit and Loss Account

Balance Sheet

Statement of Accounting Informations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods being returned to the supplier by the business. This situation can be described as..........

Return outwards

Return inwards

Carriage outwards

Carriage inwards

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the followings is NOT purchase cost?

Carriage inwards

Insurance on purchase

Transportation out

Packaging

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debenture is under categories of ..............

Current Liabilities

Non-Current Liabilities

Current Assets

Owner's Equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A statement of financial position is prepared to determine the business' financial position at the end of an accounting period. Which of the following is NOT included in the statement of financial position.

Purchase

Current Liabilites

Intangible Assets

Tangible Assets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the followings is TRUE explaning about the cash basis.

Revenue should be recorded in the accounting period when cash for it received.

Revenue should be recorded in the accounting period in which it is earned.

Revenue should not recorded in the cash account.

Revenue should be recorded in the accounting period when the cash for it is paid.

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