S2AC - Fun Quiz

Which are the following are not include in the trading section of Statement of Profit or Loss?

• Carriage Inward

• Commission Income

• Import Duty

• Stocks Returns

What is typically included in the gross profit calculation in the Statement of Profit or Loss?

• Operating Expenses

• Administrative Expenses

• Sales Returns

• Net Sales

Which following statement is true?

• Total Equity + Total Current Liabilities = Total Assets

• Land should be depreciate every year.

• Current Assets is less than 12 months

• Inventory has higher liquidity than Accounts Receivable.

Which of the following is considered a current liability?

• Accounts Payable

• Long-term Debt

• Property, Plant, and Equipment

• Retained Earnings

Which of the following is not a component of working capital?

• Inventory

• Long-term Investments

• Accounts Receivable

• Cash

Which of the following are included in fundamental accounting principle & concepts?

• Inconsistency

• Materiality

• Subjectivity

• Business Entity

Which month comes after April?

• March

• June

• May

• July

Impact of Accrued Expenses as an additional information?

• Increase : Income

  Decrease : Capital

• Increase : Asset

  Decrease : Liability

• Increase : Expenses

  Decrease : Asset

• Increase : Expenses

  Decrease : Net Profit