FA final

29問 • 1年前

問題一覧

In a perpetual inventory system, two entries usually are made to record each sales transaction. The purposes of these entries are best described as follows

One entry recognizes the sales revenue, and the other recognizes the cost of goods sold.

In a periodic inventory system, the cost of goods sold is:

. Determined by computation at year-end, after the taking of a complete physical inventory.

Which of the following businesses is most likely to use a periodic inventory system?

A small boutique.

Which of the following is NOT included in the financial assets?

inventories

.An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:

Accounts Receivable.

Which of the following can be considered as an effective control of cash?

There is approval of cash payments.

A bank reconciliation explains the differences between ____________.

the balance per bank statement and the cash balance per the accounting records of the depositor

When preparing bank reconciliation, deposits in transit will:

Increase the balance per the bank statement.

The Allowance for Impairment will appear on the __________.

Statement of Financial Position

The Allowance for Impairment represents:

The difference between the face value of accounts receivable and the estimated collectible amount of accounts receivable.

The application of the matching principle to depreciation of property, plant and equipment can best be described as:

Offsetting revenue of an accounting period with the portion of the cost of property, plant and equipment estimated to have been used up during the accounting period.

Capital expenditures are recorded as:

An asset.

Revenue expenditures are recorded as:

An asset.

Which of the following is not a capital expenditure?

Advertising expenditures to introduce a new product line.

Coca-Cola's famous name printed in distinctive typeface is an example of:

A trademark.

When a depreciable asset is sold at a price equal to its book value, a journal entry would include

A debit to accumulated depreciation

All of the following assets are amortized except:

Natural resources

The book value of PPE assets (other than land):

Decreases with the passage of time.

Treasury share represents ___________________________.

previously outstanding shares that have been repurchased by the issuing company

Which of the following is not classified among the investing activities in a statement of cash flows

Investment of cash made in the business by the owners.

Which of the following is a financing activity?

Payment of dividends.

Which of the following is not classified among the financing activities in a statement of cash flows?

Purchase of property, plant and equipment for cash.

Which of the following would indicate a cash disbursement?

An increase in prepaid expenses.

Profit for the year differs from net cash from operations because of all the following except:

All of the above will cause a difference between profit for the year and cash flows.

Which of the following present financial information of parent and subsidiary companies as if they are a single business unit?

Consolidated financial statement

Which of the following ratios is not considered measure of liquidity?

Earnings per share

All of the followings are an example of a quick asset except

inventory.

Working capital is the excess of current assets over

current liabilities.

Which of the following ratios is not considered measure of profitability?

Price earnings ratio

IT sem 1 mid term

ユーザ名非公開 · 32問 · 1年前

IT sem 1 mid term

32問 • 1年前

ユーザ名非公開

Fainancial Accounting seem 1 mid term

ユーザ名非公開 · 20問 · 1年前

Fainancial Accounting seem 1 mid term

sem 1 IT final

sem 1 IT final

問題一覧

In a perpetual inventory system, two entries usually are made to record each sales transaction. The purposes of these entries are best described as follows

One entry recognizes the sales revenue, and the other recognizes the cost of goods sold.

In a periodic inventory system, the cost of goods sold is:

. Determined by computation at year-end, after the taking of a complete physical inventory.

Which of the following businesses is most likely to use a periodic inventory system?

A small boutique.

Which of the following is NOT included in the financial assets?

inventories

.An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:

Accounts Receivable.

Which of the following can be considered as an effective control of cash?

There is approval of cash payments.

A bank reconciliation explains the differences between ____________.

the balance per bank statement and the cash balance per the accounting records of the depositor

When preparing bank reconciliation, deposits in transit will:

Increase the balance per the bank statement.

The Allowance for Impairment will appear on the __________.

Statement of Financial Position

The Allowance for Impairment represents:

The difference between the face value of accounts receivable and the estimated collectible amount of accounts receivable.

The application of the matching principle to depreciation of property, plant and equipment can best be described as:

Offsetting revenue of an accounting period with the portion of the cost of property, plant and equipment estimated to have been used up during the accounting period.

Capital expenditures are recorded as:

An asset.

Revenue expenditures are recorded as:

An asset.

Which of the following is not a capital expenditure?

Advertising expenditures to introduce a new product line.

Coca-Cola's famous name printed in distinctive typeface is an example of:

A trademark.

When a depreciable asset is sold at a price equal to its book value, a journal entry would include

A debit to accumulated depreciation

All of the following assets are amortized except:

Natural resources

The book value of PPE assets (other than land):

Decreases with the passage of time.

Treasury share represents ___________________________.

previously outstanding shares that have been repurchased by the issuing company

Which of the following is not classified among the investing activities in a statement of cash flows

Investment of cash made in the business by the owners.

Which of the following is a financing activity?

Payment of dividends.

Which of the following is not classified among the financing activities in a statement of cash flows?

Purchase of property, plant and equipment for cash.

Which of the following would indicate a cash disbursement?

An increase in prepaid expenses.

Profit for the year differs from net cash from operations because of all the following except:

All of the above will cause a difference between profit for the year and cash flows.

Which of the following present financial information of parent and subsidiary companies as if they are a single business unit?

Consolidated financial statement

Which of the following ratios is not considered measure of liquidity?

Earnings per share

All of the followings are an example of a quick asset except

inventory.

Working capital is the excess of current assets over

current liabilities.

Which of the following ratios is not considered measure of profitability?

Price earnings ratio