Accounting CASC Technical Difficulty Assignment

1.

Multiple Choice

30 sec

1 pt

Cash at Bank is ...

a liability

an asset

an expense

equity

2.

Multiple Choice

30 sec

1 pt

Double entry in accounting means there must be________ entries for every transaction?

two

Three

six

one

3.

Multiple Choice

30 sec

1 pt

A general Leger/T) has a ______ and _______ side.

cash receipt and debtors

debit and payments

debit and credit

creditors and debtors

4.

Multiple Choice

30 sec

1 pt

Assets increase on the ________ side?

subsidiary

T-account

credit

debit

5.

Multiple Choice

30 sec

1 pt

owners equity decreases on the _________ side?

credit

debit

payments

liability

6.

Multiple Choice

30 sec

1 pt

________ are debts of the business?

assets

liabilities

owners equity

vehicles

7.

Multiple Choice

30 sec

1 pt

Equipment are an example of an/a ______?

loan

asset

liability

owners equity

8.

Multiple Choice

30 sec

1 pt

when the owner takes money out of the business's account it is called _________?

credit

drawings

debt

borrowing

9.

Multiple Choice

30 sec

1 pt

water and electricity is an/a __________?

credit

asset

expense

income

10.

Multiple Choice

30 sec

1 pt

The period of time covered by an accounting report is the accounting period.

True

False

11.

Multiple Choice

30 sec

1 pt

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.

assets

liabilities

profit

expenses

12.

Multiple Choice

30 sec

1 pt

An increase in owner's equity resulting from the operation of a business

asset

expense

withdrawl

revenue

13.

Multiple Choice

30 sec

1 pt

The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

Accounting Period Cycle

Source Document

Fiscal Year

None of the Above

14.

Multiple Choice

30 sec

1 pt

Jeff's Construction, LLC bought a piece of equipment in 2001 for P 10,000. Today this piece of equipment is only worth P 2,000. Jeff would still report the equipment at its purchase price of P 10,000, less depreciation, even though its current fair market value is only P 2,000.

Historical Principle

Business Entity

Accrual Principle

Adequate Disclosure Principle

15.

Multiple Choice

30 sec

1 pt

Concept: Financial information is reported for a specific period of time on financial statements.

Matching Expenses with Revenue

Accounting Period Cycle

Business Entity

16.

Multiple Choice

30 sec

1 pt

Concept: a business's records should never be mixed with an owner's personal records and reports

adequate disclosure

business entity

objective evidence

going concern

17.

Multiple Choice

30 sec

1 pt

Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately

going concern

materiality

accounting period cycle

matching revenue with expenses

18.

Multiple Choice

30 sec

1 pt

Which of the following is correct?

Owner’s Equity = Liabilities + Assets

Liabilities = Assets + Owner’s Equity

Assets = Liabilities + Owner’s Equity

Assets = Owner’s Equity

19.

Multiple Choice

30 sec

1 pt

Which of the following is correct about double entry system of accounting?

Every business transaction brings at least two financial changes in business.

Financial changes are recorded as debits or credits in two or more accounts.

Every debit entry has a corresponding credit entry.

All of the above

20.

Multiple Choice

1 min

1 pt

Which of the following business has unlimited liability

Sole trader

Limited Liability Partnership

Private Limited Company

Public Limited Company

21.

Multiple Choice

20 sec

1 pt

Which type of business organisation has the following characteristics?

- conducts business separate from its owners

- the owners have limited liability

- the organisation is a taxable entity

Sole trader

Partnership

Company/corporation

None of the above

22.

Multiple Choice

30 sec

1 pt

A partnership business normally owned by 2 to 50 partners

True

False

23.

Multiple Choice

30 sec

1 pt

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

assets

liabilities

profit

income

24.

Multiple Choice

30 sec

1 pt

The accounting equation must always be

balanced

uneven

zero

equal to the square root of 5

25.

Multiple Choice

30 sec

1 pt

For an investor, personal and business money are put together and not kept separate.

TRUE

FALSE

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