Financial Accounting Test
Financial Accounting is a field concerned with analysis, reports and summary of financial transactions of a business. It is governed by both international and local accounting standards. It is a wide field which has got the interest of millions of people all over the world. What do you know? Try these quiz.
- 1.
Financial accounting belongs to what field?
- A.
Science
- B.
Art
- C.
Finance
- D.
Accounting
Correct Answer
D. Accounting -
- 2.
What is GAAP?
- A.
Government approved apt program
- B.
Genenrally accepted accounting principles
- C.
Great affected aliance principles
- D.
Genuinely amended accredited plan
Correct Answer
B. Genenrally accepted accounting principles -
- 3.
Which of these is not a component of financial statement?
- A.
Statement of financial positions
- B.
Statement of banking
- C.
Statement of profit or loss
- D.
Statement of cash flows
Correct Answer
B. Statement of banking -
- 4.
What are economic resources with the ability to provide future benefits?
- A.
Claims
- B.
Insurance
- C.
Profit
- D.
Assets
Correct Answer
D. Assets -
- 5.
What is it called when expenditure is more than revenue?
- A.
Net Profit
- B.
Net Loss
- C.
Valuation
- D.
Capital
Correct Answer
B. Net Loss -
- 6.
What statement reports the net cash flows relating to operating, investing, and financing activities for a period of time?
- A.
Statement of cashflow
- B.
Statement of profit and loss
- C.
Statement of financial position
- D.
Income statement
Correct Answer
A. Statement of cashflow -
- 7.
What government agency has the authority to set accountable methods in the United states?
- A.
SEC
- B.
FASB
- C.
EEDC
- D.
FAA
Correct Answer
A. SEC -
- 8.
What is the cash paid to acquire an asset?
- A.
Capital
- B.
Revenue
- C.
Historical Value
- D.
Replacement cost
Correct Answer
C. Historical Value -
- 9.
Which of these is an intangible asset?
- A.
Patent
- B.
Cash anx resources
- C.
Supplies
- D.
Tools and equipment
Correct Answer
A. Patent -
- 10.
What is a revenue earned but not yet collected called?
- A.
Cash
- B.
Merchandise inventory
- C.
Accounts receivable
- D.
Marketable securities
Correct Answer
C. Accounts receivable -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 19, 2018Quiz Edited by
ProProfs Editorial Team -
Mar 05, 2018Quiz Created by
Timmy198
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