Financial Accounting- Financial Accounting

Froggy Jumps

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Dear Students, This Quiz contains 10 questions to assess your knowledge level on Financial Accounting subject.

Created by

Deivamani S

United States

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Froggy Jumps Financial Accounting- Financial AccountingOnline version Dear Students, This Quiz contains 10 questions to assess your knowledge level on Financial Accounting subject. by Deivamani S 1 Financial accounting primarily deals with: a Forecasting future cash flows b Recording, classifying and summarizing transactions c Managerial decision-making 2 Which of the following is a real account? a Salaries b Rent c Machinery 3 Depreciation is charged to account for: a Physical wear, usage and obsolescence b Market value decline of asset c Repair expenses 4 Trial balance is prepared to: a Prepare income tax returns b Check arithmetical accuracy of ledger postings c Record journal entries 5 A suspense account is used when: a Preparing final accounts only b There is a difference in trial balance and identity of error is unknown c For recording petty cash transactions 6 Which is a capital expenditure? a Routine repair of machinery b Purchase of new plant & machinery c Wages for temporary staff 7 A bank reconciliation statement is prepared to: a Reconcile bank balance as per cash book with bank statement/ passbook balance b Reconcile purchases with sales c Reconcile trial balance with profit & loss 8 Straight-line method of depreciation charges: a More depreciation initially and less later b No depreciation for first year c Equal depreciation each year 9 When goods are returned by customer, the journal entry usually is: a Debit Sales Return, Credit Debtors b Debit Debtors, Credit Sales Return c Debit Cash, Credit Sales Return 10 Which is NOT an example of an intangible asset? a Patent b Inventory c Trademark

Froggy Jumps

Financial Accounting- Financial AccountingOnline version

Dear Students, This Quiz contains 10 questions to assess your knowledge level on Financial Accounting subject.

by Deivamani S

Financial accounting primarily deals with:

Forecasting future cash flows

Recording, classifying and summarizing transactions

Managerial decision-making

Which of the following is a real account?

Salaries

Rent

Machinery

Depreciation is charged to account for:

Physical wear, usage and obsolescence

Market value decline of asset

Repair expenses

Trial balance is prepared to:

Prepare income tax returns

Check arithmetical accuracy of ledger postings

Record journal entries

A suspense account is used when:

Preparing final accounts only

There is a difference in trial balance and identity of error is unknown

For recording petty cash transactions

Which is a capital expenditure?

Routine repair of machinery

Purchase of new plant & machinery

Wages for temporary staff

A bank reconciliation statement is prepared to:

Reconcile bank balance as per cash book with bank statement/ passbook balance

Reconcile purchases with sales

Reconcile trial balance with profit & loss

Straight-line method of depreciation charges:

More depreciation initially and less later

No depreciation for first year

Equal depreciation each year

When goods are returned by customer, the journal entry usually is:

Debit Sales Return, Credit Debtors

Debit Debtors, Credit Sales Return

Debit Cash, Credit Sales Return

Which is NOT an example of an intangible asset?

Patent

Inventory

Trademark

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Financial Accounting- Financial Accounting

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Financial Accounting- Financial AccountingOnline version

by Deivamani S

Financial accounting primarily deals with:

Which of the following is a real account?

Depreciation is charged to account for:

Trial balance is prepared to:

A suspense account is used when:

Which is a capital expenditure?

A bank reconciliation statement is prepared to:

Straight-line method of depreciation charges:

When goods are returned by customer, the journal entry usually is:

Which is NOT an example of an intangible asset?

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