Final Accounts quiz
Authored by xun lim
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11th Grade
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following should not appear in Income Statement?
Sales
Rental Income
Wages
Trade Receivables
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The correct flow for recording the Income Statement is:
Sales, Cost of Sales, Expenses, Other Income.
Sales, Cost of Sales, Other Income, Expenses
Cost of Sales, Sales, Other Income, Expenses
Cost of Sales, Purchases, Other Income, Expenses
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Ali received discounts(Discount Received) upon purchasing goods and provided discounts(Discount Allowed) when selling goods. Where should he record these discounts under Income Statement?
Discount Received: Cost of Sales
Discount Allowed: Sales
Discount Received: Cost of Sales
Discount Allowed: Expenses
Discount Received: Other Income
Discount Allowed: Sales
Discount Received: Other Income
Discount Allowed: Expenses
4.
MULTIPLE SELECT QUESTION
3 mins • 1 pt
If annual depreciation for motor van is RM5,000;
and accumulated depreciation is RM3,000+RM5,000=RM8,000;
which of the following record is correct? (Multiple Answers)
Income Statement: Expenses, Depreciation-motor van RM5,000
Income Statement: Expenses, Depreciation-motor van RM8,000
Statement of Financial Position: Non-current Assets, Accumulated Depreciation RM5,000
Statement of Financial Position: Non-current Assets, Accumulated Depreciation RM8,000
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For Statement of Financial Position, which of the financial equation below is correct?
Total Assets = Total Liabilities
Total Assets = Total Equity - Total Liabilities
Total Assets = Total Equity + Total Liabilities
Total Assets +Total Liabilities = Total Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In Statement of Financial Position, which of the recording flow below is correct?
Non-current Assets, Current Assets, Owner's Equity, Non-current Liabilities, Current Liabilities.
Current Assets, Non-current Assets, Owner's Equity, Current Liabilities, Non-current Liabilities.
Non-current Assets, Current Assets, Owner's Equity, Current Liabilities.
Non-current Assets, Current Assets, Owner's Equity, Non-current Liabilities.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Suppose Accounts Receivables were RM10,000; and Allowance for Doubtful debts was RM1,000.
The proprietor decided to increase the Allowance for Doubtful Debts to 12%, how should the blanks fill?
(2) 1,200
(3) 1,200
(1) 1,200
(3) 200
(2) 200
(3) 1,200
(2) 1,200
(3) 200
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