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- 1. Multiple Choice
A fiscal period consists of ...
12 months
2 months
12 years
24 months
- 2. Multiple Choice
Two meanings of a credit are ...
money received
money owed or paid out
an entry made on the right side of an account
an entry made on the left side of an account
- 3. Multiple Choice
In accounting, an entry made on the left side of an account is ...
money received
money owed or paid out
credit
debit and credit
- 4. Multiple Choice
The bank's balance sheet lists ...
assets and liabilities
assets and profits
profits and liabilities
assets and credit
- 5. Multiple Choice
Two other words for long-term obligations are ...
debentures
bonds
expense
amortization
- 6. Multiple Choice
At a bank, a balance sheet is usually called ...
statement of condition
promissory notes
commercial paper
premises
- 7. Multiple Choice
Listen, and the correct answer is ...
cash basis
accrual basis
amortization
promissory notes
- 8. Multiple Choice
Listen, and the correct answer is ...
promissory notes
statement of condition
accrual basis
amortization
- 9. Multiple Choice
How often is a profit and loss statement issued?
once in a fiscal period
twice in a fiscal period
twelve times in a fiscal period
anytime in a fiscal period
- 10. Multiple Choice
Three of many things that bank accountants do are ...
enter credits and debits in journals and ledgers
list different items of assets and liabilities in a corporation
prepare the balance sheet that appears in the annual report
assign entries to the proper category
- 11. Multiple Choice
Two categories that are NOT mentioned are ...
notes
debentures
occupancy
loans
- 12. Multiple Choice
The correct statement is ...
The bank can use both cash and accrual basis.
The bank only use a cash basis for its account.
The bank only use an accrual basis for its account.
The bank doesn't use both cash and accrual basis.
- 13. Multiple Choice
The word which means "writing off certain expenses by dividing them into fixed payments over a period of time" is ...
amortization
debentures
occupancy
premises
- 14. Multiple Choice
A kind of promissory notes to raise cash is ...
commercial paper
debentures
cash basis
equity
- 15. Multiple Choice
The correct pairs of synonyms are ...
debit - money received
profit and loss statement - statement of condition
amortization - debentures
bonds - certificate of debts
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