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- 1. Multiple Choice
MSMEs is the acronym for
Micro, Small and Medium Enterprises
Micro, Small and Medium Entity
Medium, Small and Micro Enterprise
Mild, Small and Medium Enterprises
None of the other choices
- 2. Multiple Choice
Are those with assets, before financing of above P3M to P15M and employ 10 to 99 workers
Micro Enterprises
Small Enterprises
Medium Enterprises
None of the other choices
- 3. Open Ended
Why do we study Accounting?
- 4. Multiple Choice
are uniform set of accounting rules, procedures, practices and standards that are followed in preparing of financial statements.
Generally Accepted Accounting Principles
Generally Accepted Accounting Policies
General Accepted Accounting Principles
Generally Accepted Accountancy Principles
- 5. Multiple Choice
this principle requires that assets should be recorded at original or acquisition cost.
Cost Principle
Objectivity Principle
Materiality Principle
Matching Principle
Consistency Principle
- 6. Multiple Choice
this principle dictates practicability to rule over theory in determining the valuation of an item.
Cost Principle
Objectivity Principle
Materiality Principle
Matching Principle
Consistency Principle
- 7. Multiple Choice
this is the combined concept of Revenue Recognition and Expense Recognition Principles.
Cost Principle
Objectivity Principle
Materiality Principle
Matching Principle
Consistency Principle
- 8. Fill in the Blank
What is the Basic Accounting Equation
- 9. Multiple Choice
WHAT ARE THE MEASURES OF FINANCIAL CONDITION
ASSETS
LIABILITIES
OWNER’S EQUITY
INCOME
EXPENSE
- 10. Multiple ChoiceIn what accounting element can we classify INVENTORIES?AssetLiabilitiesEquity
- 11. Multiple Choice
Which of the following is not part of the complete set of Financial Statement?
Statement of Financial Information
Statement of Cash Flow
Statement of Financial Position
Statement of Financial Performance
- 12. Multiple ChoiceThe __________concept states that businesses should be treated as if they will continue to stay in business.going concernbusiness entity
- 13. Multiple ChoiceThe accounting principles that states companies and owners should be account for separately..Business entity conceptGoing concern concept
- 14. Multiple Choice
Which of the following are Assets?
Bank Account
Bank Loan
Vehicles
Bank overdraft
Furniture and fittings
- 15. Multiple Choice
The following are liabilities .
Bank Loan
Stock / inventory
Mortgage
Accounts Payable
- 16. Multiple Choice
Equity can also be called Capital
TRUE
FALSE
- 17. Multiple Choice
The following are expenses
Insurance
Salaries
Sales
Fees Received
Petrol
- 18. Multiple Choice
The following are types of Income
Sales
Fees Received
Salaries
Staff Wages
Advertising
- 19. Multiple Choice
Assets - Liabilities = Equity
TRUE
FALSE
- 20. Fill in the Blank
are the "gross outflow” of economic benefits during the period arising in course of ordinary activities of an enterprise
- Answer choicesTagsAnswer choicesTags