In which type of a business, the owner and his business are not considered same in the eyes of law? (a) Sole proprietorship (b) Limited companies (c) Partnership (d) a and c MCQS 12 Which of the following liabilities would most likely be listed last on a statement of financial position? A)Bonds payable, due in 20 years. B)Accounts payable. C)Note payable, due in 3 years. D)Income taxes payable. MCQS 13 Sales Gross Profit = __ A)Cost of Goods Sold B)Net Sales C)Cost of Goods Available for Sale D)Gross Sales MCQS 14 Land is purchased for $456,000. Additional costs include a $30,300 fee to a broker, a survey fee of $3,400, $2,750 to construct a fence, and a legal fee of $12,500. What is the cost of the land? A. $456,000. B. $486,300. C. $502,200. D. $504,950. MCQS 15 Which of the following transactions occurs on daily basis in a large business organization? (a) Purchaser of equipment (b) Payroll (c) Credit sales (d) Payment of suppliers MCQS 16 Prepaid expenses are assets that should appear on the balance sheet. A)True B)False MCQS 17 Someone who uses accounting information is? (a) A user (b) An external user (c) An internal user (d) A manager MCQS 18 Generally, the most important category on the statement of cash flows is cash flows from A)operating activities. B)investing activities. C)financing activities. D)significant noncash activities. MCQS 19 Which of the following transactions does not affect cash during a period? A)Write-off of an uncollectible account B)Collection of an accounts receivable C)Sale of treasury stock D)Exercise of the call option on bonds payable MCQS 20 Outstanding salary is shown as __ A)An asset in the balance B)A liability C)By adjusting it in the Profit & Loss Account D)Both (A) and (C) above options E)Both (B) and (C) above options
NOTE: These are MCQS
MCQS 11
In which type of a business, the owner and his business are not considered same in the eyes of law?
(a) Sole proprietorship
(b) Limited companies
(c) Partnership
(d) a and c
MCQS 12
Which of the following liabilities would most likely be listed last on a
A)Bonds payable, due in 20 years.
B)Accounts payable.
C)Note payable, due in 3 years.
D)Income taxes payable.
MCQS 13
Sales Gross Profit = __
A)Cost of Goods Sold
B)Net Sales
C)Cost of Goods Available for Sale
D)Gross Sales
MCQS 14
Land is purchased for $456,000. Additional costs include a $30,300 fee to a broker, a survey fee of $3,400, $2,750 to construct a fence, and a legal fee of $12,500. What is the cost of the land?
A. $456,000.
B. $486,300.
C. $502,200.
D. $504,950.
MCQS 15
Which of the following transactions occurs on daily basis in a large business organization?
(a) Purchaser of equipment
(b) Payroll
(c) Credit sales
(d) Payment of suppliers
MCQS 16
Prepaid expenses are assets that should appear on the balance sheet.
A)True
B)False
MCQS 17
Someone who uses accounting information is?
(a) A user
(b) An external user
(c) An internal user
(d) A manager
MCQS 18
Generally, the most important category on the statement of
A)operating activities.
B)investing activities.
C)financing activities.
D)significant noncash activities.
MCQS 19
Which of the following transactions does not affect cash during a period?
A)Write-off of an uncollectible account
B)Collection of an accounts receivable
C)Sale of treasury stock
D)Exercise of the call option on bonds payable
MCQS 20
Outstanding salary is shown as __
A)An asset in the balance
B)A liability
C)By adjusting it in the Profit & Loss Account
D)Both (A) and (C) above options
E)Both (B) and (C) above options
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