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- 1. Multiple Choice
Credit Fees are a
Asset
Revenue
Owner's Equity
none of the above
- 2. Multiple Choice
Wages paid are
An Asset
An expense
A revenue
A Liability
- 3. Multiple Choice
Which Accounting Assumption assumes the life of the business is ongoing
Entity
Accrual Basis
Going Concern
Period
- 4. Multiple Choice
Which Assumption allows the life of the business to be divided into periods of time
Entity
Accrual Basis
Period
Going Concern
- 5. Multiple Choice
The Period Assumption allows the life of the business to be divided into periods of time for the purpose of
Calculating profit
Preparing Financial reports
Preparing a Cash Flows Statement
All of the above
- 6. Multiple Choice
The information about profit or loss is reported in a
Cash Flow Statement
Income Statement
Balance Sheet
All of the above
- 7. Multiple Choice
Revenue can come from which journals
Cash Receipts and Purchases Journal
Cash Receipts and Sales Journal
Cash Receipts and Cash Payments Journal
Cash Payments and Sales Journal
- 8. Multiple Choice
The revenue reported from the Sales Journal is called
Accounts Receivable
Fees
Cash Fees
Credit Fees
- 9. Multiple Choice
The Income Statement reports transactions that have occurred
In one day
Over a period of time
- 10. Multiple Choice
The correct calculation for materials USED is
Materials purchased
Materials at start + materials purchased
Materials at start + materials on hand at end + materials purchased
Materials at start + materials purchased - materials on hand at end
- 11. Multiple Choice
Payments to Accounts Payable is not an expense because
It increases Assets and Increases Liabilities
It decreases Assets and Decreases Liabilities
It increases Assets and Increases Liabilities and Increases Owner's Equity
It decreases Assets and Decreases Liabilities and decreases Owner's Equity
- 12. Multiple Choice
GST Received is a Revenue
True
False
- 13. Multiple Choice
Wages paid is both an Expense and a Payment
True
False
- 14. Multiple Choice
Which of the following items are BOTH a receipt of cash and a revenue
Cash Fees and Credit Fees
Cash Fees and Capital
Credit Fees and Capital
Cash Fees
- 15. Multiple Choice
Office Equipment is not an expense because
It increases Assets and Increases Liabilities
It increases Liabilities and Decreases Owner's Equity
It increases Assets and Decreases Assets
It increases Assets and Increases Owner's Equity
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