Financial Accounting Quizzes, Questions & Answers
Recent Financial Accounting Quizzes
Questions: 20 | Attempts: 1763 | Last updated: Mar 22, 2025
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Sample QuestionHAVANA Company provided the following calculation about an impairment loss recognized on December 31, 2017: Goodwill Other assets Carrying amount 3,000,000 9,000,000 Impairment loss 3,000,000 2,000,000 There has been a favorable change in the estimate of the recoverable amount of the net assets since the impairment loss was recognized. The recoverable amount is now P8,000,000 on December 31, 2018. The carrying amount of the new assets of would have been P7,200,000 on December 31, 2018. Assets are depreciated at 20% of reducing balance. What amount should be recognized as gain on reversal of impairment for 2018?
Questions: 60 | Attempts: 3447 | Last updated: Jan 17, 2025
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Sample QuestionUtilities, employee wages, and taxes are examples of
Questions: 15 | Attempts: 494 | Last updated: Mar 22, 2025
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Sample QuestionA company had a doubtful debt provision of £14,000 on 31 December 2008. Its trade receivables at 31 December 2009 were £198,200. The company considers that receivables totaling £12,200 will not be paid and in addition planned to make a doubtful debt provision for 10% of its net receivables on 31 December 2009. What is the charge for bad and doubtful debts in the income statement for the year ended 31 December 2009?
Questions: 40 | Attempts: 545 | Last updated: Mar 22, 2025
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Sample QuestionProper recording of any dealing between two persons involving money or a valuable thing is called ________
Questions: 67 | Attempts: 465 | Last updated: Mar 20, 2025
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Sample QuestionWhat are the business benefits of S/4HANA Finance? (3 correct answers)
Questions: 10 | Attempts: 285 | Last updated: Mar 21, 2025
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Sample QuestionWhat is the full meaning of GAAP?
Questions: 15 | Attempts: 661 | Last updated: Mar 21, 2025
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Sample QuestionCash in hand
Questions: 10 | Attempts: 12017 | Last updated: Mar 22, 2025
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Sample QuestionA new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder.
Questions: 15 | Attempts: 272 | Last updated: Mar 21, 2025
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Sample QuestionA manufacturing company recognized a valuation provision to inventories due to their obsolescence. Can the manufacturing offsetting inventory valuation provision against inventory balance in the statement of financial position?
Questions: 10 | Attempts: 3683 | Last updated: Aug 22, 2025
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Sample QuestionWhat is the basic principle for measuring inventories?
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