Refers to the financial obligations of a company that are not expected to be settled within one year.
Non-current Assets
Current Assets
Non-Current Liabilities
Current Liabilities
Q.2.
A liability expected to be settled in the entity’s normal operating cycle.
Non-current Assets
Current Assets
Non-current Liabilities
Current Liabilities
Q.3.
This is what the business owes.
Assets
Liabilities
Loans
Owner's Equity
Q.4.
It is intended for sale or consumption within the entity’s normal operating cycle.
Non-current liabilities
Current liabilities
Non-current Assets
Current Assets
Q.5.
Two types of Financial Statement Account:
General and Journal Form
Report and Account Form
Statement of Cash flow and Income Statement
Q.6.
What is NOT part of FS headings.
Name of the business
Title of Report
Total Assets
Date of the report
Q.7.
This is what the business owns.
Assets
Liablities
Loans
Owner's Equity
Q.8.
Also called as Balance Sheet.
Statement of Financial Position
Financial Statements
Statement of Balance
Statement of Income
Q.9.
These are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings.
Statement of Financial Position
Financial Statements
Balance Sheet
Cash flows
Q.10.
Kaleb's net profit or loss is
Profit $22 000
Loss $22 000
Profit $178 000
Loss $178 000
Q.11.
Set off (contra or transfer) entries in control accounts implyI. customer may also be a supplierII. errors made in customer's accountIII. an overpaid sum of money
I only
II only
I and III
I, II and III
Q.12.
Which of the following journals (day books) provide dishonoured cheques and bad debts for preparation of control accounts?I.General JournalII. Sales JournalIII. Sales Returns Journal
I only
II only
II and III
I, II and III
Q.13.
A cheque paid to Yvette for $2had been correctly entered in the cash account but had been omitted from Yvette's account. The journal entry to correct the error is
Dr. Yvette $2 000Cr. Bank $2 000
Dr. Bank $2 000Cr. Yvette $2 000
Dr. Yvette $2 000Cr. Suspense $2 000
Dr. Suspense $2 000Cr. Yvette $2 000
Q.14.
The financial statement used to shoe the calculation of Capital and Net Profit for incomplete record is known as
Statement of Financial Position
Statement of Affairs
Statement of Comprehensive Income
Statement of Changes of Owner's Equity
Q.15.
The temporary account created when a Trial Balance's totals do NOT agree is known as
Personal account
Suspense account
Reconciliation account
Control account
Q.16.
The total prepaid salaries for the period is
$20 000
$40 000
$60 000
$80 000
Q.17.
The items used to prepare the Statement of Financial Position for records that are incomplete include I. Payables paid II. Receivables collected III. Current and acid test ratios
I only
II only
I and II only
I, II and III
Q.18.
The Statement of Changes in Owner's Equity provides
the ending figure/balances for the Statement of Financial Position
report on assets, liabilities and owner's equity
information on profit or loss made
report on a firm's financing activities
Q.19.
Accounts receivable control accounts may be used to calculate