What is a compensating error?

An error on the debit side that cancels an error on the credit side

An error on the credit side that cancels an error on the debit side

An error that affects both debit and credit sides equally

An error that does not affect the trial balance

What are contra entries?

Two entries that are offset against one another

Entries that are made to correct errors

Entries that are made to close accounts

Entries that are made to open accounts

What does the term 'cost of sales/cost of goods sold' refer to?

The cost of the inventory that has been sold within the financial year

The cost of the inventory that is held at the financial year end

The cost of the inventory that is purchased during the financial year

The cost of the inventory that is written off during the financial year

What does a credit entry represent in a ledger account?

An increase in liabilities, income, or capital

An increase in assets or expenses

A decrease in liabilities or income

A decrease in drawings or assets

What is a credit note?

A document that evidences a return has been made

A document that evidences a cheque issued

A document that evidences a payment received

A document that evidences a payment made

What are credit transfers?

Electronic payments made through a bank account

Manual payments made through a bank account

Cash payments made through a bank account

Cheque payments made through a bank account

What are current assets?

Assets that are expected to be converted into cash within one financial year

Assets that are expected to be converted into cash within five financial years

Assets that are expected to be converted into cash within ten financial years

Assets that are not expected to be converted into cash

What are current liabilities?

Debts that are due to be repaid within 12 months

Debts that are due to be repaid within 24 months

Debts that are due to be repaid within 36 months

Debts that are due to be repaid within 48 months

What does a debit entry represent in a ledger account?

An increase in drawings, assets, or expenses

An increase in liabilities or income

A decrease in assets or expenses

A decrease in drawings or assets

What is depreciation?

The fall in value of a non-current asset over its useful economic life

The increase in value of a non-current asset over its useful economic life

The fall in value of a current asset over its useful economic life

The increase in value of a current asset over its useful economic life

What are direct debits?

A method of authorising a business to automatically collect a regular payment from your bank account

A method of authorising a business to manually collect a regular payment from your bank account

A method of authorising a business to automatically collect a one-time payment from your bank account

A method of authorising a business to manually collect a one-time payment from your bank account

What is a dishonoured cheque?

A cheque that has been rejected by the bank due to insufficient funds in the issuer's account.

A cheque that has been accepted by the bank.

A cheque that has been lost in transit.

A cheque that has been issued without a date.

What is double entry bookkeeping?

A system which records all financial transactions on the basis that each has an equal credit and debit.

A system which records only credit transactions.

A system which records only debit transactions.

A system which records transactions without any balance.

What are drawings in accounting?

The resources that an owner takes out of the business for personal use.

The resources that an owner invests into the business.

The resources that an owner lends to another business.

The resources that an owner donates to charity.

What is an error of commission?

When an entry has been made in the correct class of account, but under the wrong name.

When an entry has been made in the wrong class of account.

When an entry has not been recorded at all.

When an entry has been recorded twice.

What is an error of omission?

Whereby a whole transaction has not been recorded in the books.

Whereby a transaction has been recorded twice.

Whereby a transaction has been recorded in the wrong account.

Whereby a transaction has been recorded with the wrong amount.

What is an error of original entry?

Where an error is made when recording details from the source document in the books of prime entry.

Where an error is made when recording details in the wrong account.

Where an error is made when recording details in the wrong amount.

Where an error is made when recording details in the wrong period.

What is an error of partial omission?

Whereby either the debit or credit side of a transaction has not been recorded, resulting in a single entry.

Whereby both the debit and credit sides of a transaction have not been recorded.

Whereby a transaction has been recorded in the wrong account.

Whereby a transaction has been recorded with the wrong amount.

What is an error of principle?

Whereby an entry is made into the wrong class of account.

Whereby an entry is made into the correct class of account.

Whereby an entry is not made at all.

Whereby an entry is made with the wrong amount.

What is an error of reversal?

Whereby the account that should have been debited has been credited and vice versa.

Whereby the account that should have been credited has been debited.

Whereby the account that should have been recorded has not been recorded.

Whereby the account that should have been recorded has been recorded twice.

What is financial accounting?

The area of accounting that focuses on preparing financial statements for external users.

The area of accounting that focuses on preparing financial statements for internal users.

The area of accounting that focuses on preparing tax returns.

The area of accounting that focuses on auditing financial statements.

What are financial statements?

The set of final accounts created, including the income statement, the statement of financial position, and the statement of changes in equity.

The set of accounts created for internal use only.

The set of accounts created for tax purposes only.

The set of accounts created for auditing purposes only.

What is the general journal?

The book of prime entry that records the transactions that are not recorded in the other books of prime entry.

The book of prime entry that records all transactions.

The book of prime entry that records only credit transactions.

The book of prime entry that records only debit transactions.

What is the general ledger?

The ledger which records non-routine transactions.

The ledger which records routine transactions.

The ledger which records only credit transactions.

The ledger which records only debit transactions.

What is gross profit?

The difference between the revenue earned and the cost of the inventory that has been sold.

The difference between the revenue earned and the expenses incurred.

The difference between the revenue earned and the taxes paid.

The difference between the revenue earned and the interest paid.

What is an income statement?

One of the financial statements put together to calculate profit for the year.

One of the financial statements put together to calculate cash flow for the year.

One of the financial statements put together to calculate expenses for the year.

One of the financial statements put together to calculate revenue for the year.

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Financial Statements Quiz

79 questions

Who is responsible for the preparation and analysis of financial statements?

What concept states that revenues and expenditures should be matched to the time period in which they were earned or incurred?

What is an amount owed for an expense that has been used in this financial year, but which has not yet been paid?

What term describes revenues that come from places other than the selling of the core products or services?

What is an error which causes debits and credits to not equal in the trial balance?

What is a resource owned by a business?

What statement explains the difference between the balance of the bank account recorded in the cash book and the balance shown on the bank statement?

What is the source document that evidences all bank transactions?

Who records the financial transactions within the books of prime entry and the ledgers?

What are the books in which information from source documents are summarised and organised, and are the first place in which transactions are recorded?

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