Income Statement And Balance Sheet Mcqs

Standard report account inverted.

Income statement and balance sheet mcqs. Income statement format that separates cost of goods sold into categories. Trade receivables 50 000 trade payables 30 000 building 90 000 share capital 100 000 bank loan 40 000 inventories 10 000 cash and cash equivalents 20 000 reserves 50 000 intangible assets 30 000. Comparisons with industry ratios are not meaningful. The solution sheet on the following page only shows the solutions and not whether you got each of the questions right or wrong.

Accounting and bookkeeping quiz. Test your knowledge of the financial statements with multiple choice questions and quizzes. Balance sheet income statement cash flow statement statement of retained earnings. What balance sheet formal is verticle.

The income statement amount should be converted to an average for the year. The balance sheet amount should be converted to an average for the year. Listed in random order below are the balance sheet figures of qalam ltd as at 31 march 2006. The answers are also given for your reference.

We now offer 10 certificates of achievement for introductory accounting and bookkeeping. So before you start get yourself a piece of paper and a pen. Click here to learn more. In the absence of information about the date of repayment of a liability then it may be assumed.

When an owner draws 5 000 from a sole proprietorship or when a corporation declares and pays a 5 000 dividend the asset cash decreases by 5 000. As you re going through this quiz and selecting your answers please also write them down on a separate sheet of paper number the questions 1 10 and put your answers next to them. The following trial balance is prepared after preparation of income statement for f. Green as at 31 march 2015.

The term financial statement covers a profit loss statement b balance sheet and profit loss statement appropriation account c profit loss statement and balance sheet d all of above are false view answer hide answer. Prepare balance sheet for f. Financial statements mcqs with answers 1. Preparation of balance sheet horizontal and vertical style.

The certificates include debits and credits adjusting entries financial statements balance sheet income statement cash flow statement working capital and liquidity financial ratios bank reconciliation and payroll accounting. Green as at 31 march 2015 in both horizontal and vertical style. Expanded accounting equation quiz. As it is earned it moves from the balance sheet to the income statement as revenue 15.

The balance sheet and income statement quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping discover another at the links below.