Exam 2: Financial Statements for Decision Making

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__________ is/are resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.

(Multiple Choice)

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Question 61

Julio's opening capital at 1 July 2011 was $50 000,his profit for the year was $18 000 and his drawings were $15 000.What is the final balance of his capital at the end of the year?

(Multiple Choice)

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Question 62

In order to prepare financial information for interested parties Hobart Company divides the economic activity of the firm into three-month segments and prepares financial statements at the end of each segment.Which accounting assumption is Chambers applying?

(Multiple Choice)

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Question 63

Which of these does not fit the accounting definition of an asset?

(Multiple Choice)

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Question 64

Maintaining a satisfactory relationship between an entity's resource inputs and its output of product or services is referred to as:

(Multiple Choice)

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Question 65

In order to assess an entity's cash performance it is common to classify its activities into operating,investing and financing.For the local cricket club which of the following would be a financing activity?

(Multiple Choice)

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Question 66

Jane is an accountant operating as a sole proprietor.On 1 February she does some work for a client who pays her $320 in cash.Which of the following represents the effect of this transaction on the accounting equation?

(Multiple Choice)

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Question 67

Showing 61 - 67 of 67

__________ is/are resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.

Julio's opening capital at 1 July 2011 was $50 000,his profit for the year was $18 000 and his drawings were $15 000.What is the final balance of his capital at the end of the year?

In order to prepare financial information for interested parties Hobart Company divides the economic activity of the firm into three-month segments and prepares financial statements at the end of each segment.Which accounting assumption is Chambers applying?

Which of these does not fit the accounting definition of an asset?

Maintaining a satisfactory relationship between an entity's resource inputs and its output of product or services is referred to as:

In order to assess an entity's cash performance it is common to classify its activities into operating,investing and financing.For the local cricket club which of the following would be a financing activity?

Jane is an accountant operating as a sole proprietor.On 1 February she does some work for a client who pays her $320 in cash.Which of the following represents the effect of this transaction on the accounting equation?

Decision Making and the Role of Accounting

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Cash Management and Control

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

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