Exam 1: Introduction to Financial Accounting

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During 2016, a company makes credit sales of $500 000, of which $375 000 is collected at year-end. It pays $200 000 in expenses and owes $25 000 for electricity used during 2016. Accrual profit is:

(Multiple Choice)

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Question 41

During 2016, a company makes credit sales of $600 000, of which $350 000 is collected at year-end. It pays $220 000 in expenses and owes $20 000 for electricity used during 2016. Profit according to accrual accounting is:

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Question 42

Which of the following is NOT an example of a liability?

(Multiple Choice)

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Question 43

LPR is a company that commenced business on 1 January 2016. Below are the balances in the 30 June 2016 financial statements. What is the balance of liabilities?

(Multiple Choice)

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Question 44

LPR is a company that commenced business on 1 January 2016. Below are the balances in the 30 June 2016 financial statements. What is the balance of assets?

(Multiple Choice)

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Question 45

Which of the following use accounting information? 1) Shareholders 2) Banks 3) Trade unions

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Question 46

Showing 41 - 46 of 46

During 2016, a company makes credit sales of $500 000, of which $375 000 is collected at year-end. It pays $200 000 in expenses and owes $25 000 for electricity used during 2016. Accrual profit is:

During 2016, a company makes credit sales of $600 000, of which $350 000 is collected at year-end. It pays $220 000 in expenses and owes $20 000 for electricity used during 2016. Profit according to accrual accounting is:

Which of the following is NOT an example of a liability?

LPR is a company that commenced business on 1 January 2016. Below are the balances in the 30 June 2016 financial statements. What is the balance of liabilities?

LPR is a company that commenced business on 1 January 2016. Below are the balances in the 30 June 2016 financial statements. What is the balance of assets?

Which of the following use accounting information? 1) Shareholders 2) Banks 3) Trade unions

Measuring and Evaluating Financial Position and Financial Performance

The Double-Entry System

Record-Keeping

Accrual Accounting Adjustments

Financial Reporting Principles, Accounting Standards and Auditing

Internal Control and Cash

Accounts Receivable and Further Record-Keeping

Inventory

Noncurrent Assets

Liabilities

Completing the Balance Sheet

Revenue and Expense Recognition: Additional Concepts

The Statement of Cash Flows

Financial Statement Analysis

Accounting Policy Choices

Sustainability Reporting

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