Financial Accounting Quizzes, Questions & Answers
Recent Financial Accounting Quizzes
Questions: 30 | Attempts: 431 | Last updated: Mar 20, 2025
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Sample QuestionWhich of the following best describes financial accounting?
Questions: 20 | Attempts: 2663 | Last updated: Mar 22, 2025
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Sample QuestionThe personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?
Questions: 23 | Attempts: 2434 | Last updated: Mar 22, 2025
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Sample QuestionOn April 1, 2012, Nelson Inc. accepts a $100,000, 8% note. The note receivable and interest are receivable on March 31, 2013. On March 2013, Nelson Inc. will record interest revenue of
Questions: 24 | Attempts: 458 | Last updated: Mar 18, 2025
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Sample QuestionFinancial Accounting in SAP ERP contains several ledgers. Which of the following are ledgers in Financial Accounting? (4 correct answers)
Questions: 57 | Attempts: 1403 | Last updated: Mar 21, 2025
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Sample QuestionWhile finalizing the current year's profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result
Questions: 55 | Attempts: 1622 | Last updated: Mar 21, 2025
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Sample QuestionSunset Tours has an Rs.3,500 account receivable from Mohan. On January 20, Mohan makes a partial payment of Rs.2100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:
Questions: 38 | Attempts: 1935 | Last updated: Mar 22, 2025
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Sample QuestionKew has an overdraft of $4,400 at the start of June. The following four transactions occurred during June. Kew allows its customers up to 60 days to pay their invoices. 3 June: Kew sells goods worth $10,000 on credit to a customer who always takes the full credit period. 10 June: Kew pays a supplier $8,000. 20 June: Kew sells goods worth $12,000 for cash and allows a 5% discount. 23 June: Cash is received from a customer who has been in dispute with Kew. The original invoice was for $6,000, but Kew has agreed to accept half the invoice value to settle the dispute. How much does Kew have in the bank at the end of June?
Questions: 25 | Attempts: 1077 | Last updated: Mar 20, 2025
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Sample QuestionTraditionally, financial accounting information has focused primarily on:
Questions: 5 | Attempts: 975 | Last updated: Mar 21, 2025
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Sample Question1. Alpha Company provided the following information relating to the current year: Net income 3,500,000 Unrealized gain on available for sale securities 250,000 Foreign currency translation adjustment – credit 50,000 Revaluation surplus 1,000,000
Questions: 15 | Attempts: 417 | Last updated: Mar 19, 2025
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Sample QuestionCompound interest includes interest earned on interest.
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