Name : Student's ID : ANSWER ALL QUESTIONS PART A 1. Which of the following document shows all account balances? (a) Balance Sheet (b) Trial Balance (c) Ledger (d) Trading, Profit &Loss 2. Recording of financial transaction is done in (a) journal (b) trial balance (c) books (d) ledger 3. The amount of cash or other asset withdrawn by the owner for his personal purpose is called (a) capital (b) personal loan (c) drawing (d) retained earnings 4. Which of the following document known as total of debit and credit? (a) Trial Balance (b) Balance Sheet (c) TPL (d) Income Statement 5. Assets acquired for long term use in business are called (a) current asset (b) wasting asset (c) non-fixed asset(d) fixed asset 6. A person who owes money to the business is. (a) an owner (b)an investor (c) a creditor(d) a debtor 7. Trading, Profit and Loss account is also known as (a) balance sheet (b) an income statement (c) an expense statement (d) Cost Of Goods Sold 8. Prepaid expense is (a) an expense (b) an income(c) an asset (d) a liability to a business. 9. Which financial statement uses the expanded accounting equation? (a) Income Statement (b) Statement of Owner's Equity (c) Balance Sheet (d) Cash Flow Statement 10. The accrual basis of accounting records revenues when they are, (a) earned (b) collected (c) contracted (d) readily available for use 11. Which of the following account increases equity? (a) Withdrawals (b) Revenues (c) Expenses (d) Liabilities
Name : Student's ID : ANSWER ALL QUESTIONS PART A 1. Which of the following document shows all account balances? (a) Balance Sheet (b) Trial Balance (c) Ledger (d) Trading, Profit &Loss 2. Recording of financial transaction is done in (a) journal (b) trial balance (c) books (d) ledger 3. The amount of cash or other asset withdrawn by the owner for his personal purpose is called (a) capital (b) personal loan (c) drawing (d) retained earnings 4. Which of the following document known as total of debit and credit? (a) Trial Balance (b) Balance Sheet (c) TPL (d) Income Statement 5. Assets acquired for long term use in business are called (a) current asset (b) wasting asset (c) non-fixed asset(d) fixed asset 6. A person who owes money to the business is. (a) an owner (b)an investor (c) a creditor(d) a debtor 7. Trading, Profit and Loss account is also known as (a) balance sheet (b) an income statement (c) an expense statement (d) Cost Of Goods Sold 8. Prepaid expense is (a) an expense (b) an income(c) an asset (d) a liability to a business. 9. Which financial statement uses the expanded accounting equation? (a) Income Statement (b) Statement of Owner's Equity (c) Balance Sheet (d) Cash Flow Statement 10. The accrual basis of accounting records revenues when they are, (a) earned (b) collected (c) contracted (d) readily available for use 11. Which of the following account increases equity? (a) Withdrawals (b) Revenues (c) Expenses (d) Liabilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Name :
Student's ID:
ANSWER ALL QUESTIONS
PART A
1.
Which of the following document shows all account balances?
(a) Balance Sheet (b) Trial Balance (c) Ledger (d) Trading, Profit &Loss
2. Recording of financial transaction is done in
(a) journal (b) trial balance (c) books (d) ledger
3.
The amount of cash or other asset withdrawn by the owner for his personal
purpose is called
(a) capital (b) personal loan (c) drawing (d) retained earnings
4. Which of the following document known as total of debit and credit?
(a) Trial Balance (b) Balance Sheet (c) TPL (d) Income Statement
5.
Assets acquired for long term use in business are called
(a) current asset (b) wasting asset (c) non-fixed asset(d) fixed asset
6. A person who owes money to the business is
(a) an owner (b)an investor (c) a creditor(d) a debtor
7. Trading, Profit and Loss account is also known as
(a) balance sheet (b) an income statement (c) an expense statement (d) Cost
Of Goods Sold
8. Prepaid expense is
to a business.
(a) an expense (b) an income(c) an asset (d) a liability
9. Which financial statement uses the expanded accounting equation?
(a) Income Statement (b) Statement of Owner's Equity (c) Balance Sheet (d)
Cash Flow Statement
10. The accrual basis of accounting records revenues when they are
(a) earned (b) collected (c) contracted (d) readily available for use
11. Which of the following account increases equity?
(a) Withdrawals (b) Revenues (c) Expenses (d) Liabilities
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