Know About Accounting Quiz
Settings
-
+
As a new accounting student it is important to properly understand the basics before you dive into the complex parts. The quiz below is set in a way that it tests what you covered in the first class and helps you know which parts didn’t stick with you. Give it a try!
- 1.
- A.
Due and receivable within one year
- B.
Due and to be paid out of current assets within one year
- C.
Due, but not payable for more than one year
- D.
Payable if a possible subsequent event occurs
- 2.Which of the following would most likely be classified as a current liability?
- A.
Two-yr notes payable
- B.
Bonds payable
- C.
Mortgage payable
- D.
Unearned rent
- 3.When a 30,000, 90-day 5% interest bearing note payable matures, total payment will amount to
- A.
31,500
- B.
1,500
- C.
30,375
- D.
375
- 4.The current portion of a long term debt should
- A.
Be classsified as a long term liability
- B.
Not be separated from the long term portion of debt
- C.
Be paid immediately
- D.
Be reclassified as a current liability
- 5.The amount of federal income taxes withheld from an employee's goes pay is recorded as an
- A.
Payroll expense
- B.
Contra account
- C.
Asset
- D.
Liability
- 6.Land acquired so it can be resold in the future is listed in the balance sheet as an
- A.
Fixed asset
- B.
Current asset
- C.
Investment
- D.
Intangible asset
- 7.Factors contributing to a decline in the usefulness of a fixed asset may be divided into the following
- A.
Salvage and functional
- B.
Physical and functional
- C.
Residual and salvage
- D.
Functional and residual
- 8.A fixed asset's estimated value at the time it is to be retired from service
- A.
Book value
- B.
Residual value
- C.
Market value
- D.
Carrying value
- 9.
- A.
Cost
- B.
Residual value
- C.
Estimated life
- D.
Units produced
- 10.The method of determining depreciation that yields successive reductions in the periodic depreciation charge over the estimated life of the asset is
- A.
Units-of-production
- B.
Declining-balance
- C.
Straight- line
- D.
Time-valuation
- 11.Current liabilities are
- A.
Due and receivable within one year
- B.
Due and to be paid out of current assets within one year
- C.
Due, but not payable for more than one year
- D.
Payable if a possible subsequent event occurs
- 12.Which of the following would most likely be classified as a current liability?
- A.
Two-yr notes payable
- B.
Bonds payable
- C.
Mortgage payable
- D.
Unearned rent
- 13.
- A.
31,500
- B.
1,500
- C.
30,375
- D.
375
- 14.The current portion of long term debt should
- A.
Be classified as a long term liability
- B.
Not be separated from the long-term portion of debt
- C.
Be paid immediately
- D.
Be reclassified as a current liability
- 15.The formula for depreciable cost is
- A.
Initial cost + residual value
- B.
Initial cost - residual value
- C.
Initial cost - accumulated depreciation
- D.
Depreciable cost = initial cost
- 16.Expected useful life is
- A.
Calculated when the asset is sold
- B.
Estimated at the time that the asset is placed in service
- C.
Determined each year that the depreciation calculation is made
- D.
None of the answers are correct
- 17.The calculation for annual depreciation using the straight-line depreciation method is
- A.
Initial cost / estimated useful life
- B.
Depreciable cost / estimated useful life
- C.
Depreciable cost * estimated useful life
- D.
Initial cost * estimated useful life
- 18.The calculation for annual depreciation using the units-of-production method is
- A.
(initial cost/ estimated output) * the actual year output
- B.
(depreciable cost/ yearly output) * estimated output
- C.
Depreciable cost/ yearly output
- D.
(depreciable cost/ estimated output) * the actual yearly output
- 19.
- A.
$26,000
- B.
$24,800
- C.
$12,400
- D.
$13,000
Back to top