Financial Principles And Accounting Concepts Quiz!
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Financial Accounting means to analyze, summarize, and record financial transactions as well as to show an accurate picture of the financial affairs of the company. This quiz has been developed to test your knowledge about Financial Principles and Accounting Concepts. Read the questions carefully. So, let's try out the quiz. All the best!
- 1.All of the information ( nae, age, major, etc.) about a partiular student is stored in which of the following?
- A.
File
- B.
Record
- C.
Attribute
- D.
Field
- 2.Which of the following would contain the total value of all inventory owned by an organization?
- A.
Sourse document
- B.
General ledger
- C.
Cash budget
- D.
Subsidiary ledger
- 3.Which of the following is most likely to be a general ledger control account?
- A.
Account receivable
- B.
Petty cash
- C.
Retained earnings
- D.
Prepaid rent
- 4.What report expresses goals in financial terms?
- A.
Performance report
- B.
Financial statements
- C.
Budget
- D.
Chart of accounts
- 5.The generally accepted accounting principles used in the financial statements of U.S corporations are researched and developed by which organization?
- A.
American Accounting Association (AAA)
- B.
Financial Accounting Standards Board (FASB)
- C.
Internal Revenue Service (IRS)
- D.
None
- 6.Which financial statement will allow you to determine the gross margin for a retailer or manufacturer?
- A.
Balance Sheet
- B.
Income Statement
- C.
Statement Of Cash Flows
- D.
Statement Of Comprehensive Income
- E.
Statement Of Stockholders’ Equity
- 7.Comprehensive income is defined as _______________ plus other comprehensive income.
- A.
Extraordinary Items
- B.
Gains And Losses
- C.
Net Income
- D.
Deprecation
- 8.The amount spent on capital expenditures will be reported in which section of the statement of cash flows?
- A.
Cash Provided/used In Financing Activities
- B.
Cash Provided/used In Investing Activities
- C.
Cash Provided/used In Operating Activities
- D.
Supplemental Information
- 9.Which of the following will appear as a negative amount on a statement of cash flows that was prepared using the indirect method?
- A.
A Decrease In Inventory
- B.
An Increase In Accounts Payable
- C.
An Increase In Accounts Receivable
- D.
Depreciation Expense
- 10.What is usually presented first in the notes to the financial statements?
- A.
Accumulated Other Comprehensive Income
- B.
Commitments And Contingencies
- C.
Significant Accounting Policies
- D.
Profit and Loss Statements
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