financial accounting questions and answers
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ANS: D, 19) Return inwards is also known as____ (a) purchases returns (b) sales returns (c) goods on sale of return (d) goods in transit ANS: B, 20) The account which refers to the tangible assets of a company that is of permanent nature is the (a) personal account (b) real account (c) nominal account (d) cash account ANS: B, 21) The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as (a) credit note (b) debit note (c) invoice (d) voucher ANS: A, 22) The effect of payment of a liability is that it (a) increases both assets and liabilities (b) increases assets and decrease liabilities (c) decreases assets and increases liabilities (d) decreases both assets and liabilities ANS: D, 23) The term posting in accounting refers to (a) recording entries in the journal (b) transferring the balances in the ledger to the trial balance (c) tracing amounts from the journal to the ledger to find errors (d) transferring entries to the ledger from the journal. (a) cost accounting (b) management accounting (c) financial accounting (d) data processing ANS: C, 7) The assumption that a business has perpetual existence is recognized by___. Your Top 18 Accounting Questions, Answered | Q & A for Business Financial Accounting Exam Past Questions And Answers - PDF … Learn and improve your skills at our online platform for free AccountingCoaching. What is the difference between First, Second, and Third-Degree Burns? ANS: D, 24) Which of the following is not a real account? Financial Accounting MCQ Questions and Answers Part – 1 Financial Accounting MCQ Questions and Answers Part – 2 Financial Accounting MCQ Questions and Answers Part – 3 101. Browse from thousands of Financial Accounting questions and answers (Q&A). Financial accounting revision questions and answers – Kenyan … Financial Accounting is one of the most interesting subjects for students in senior secondary schools that understands the principle. What are the four functions of inventory? This set of accounting principles is called as Generally Accepted Accounting Principles (GAAP). (adsbygoogle = window.adsbygoogle || []).push({}); After Watching For More Admission Updates. Thanks to you guys and the Itbraindumps. What is the importance of the notes to the financial statements and the auditors report? This arrangement can be in the form of a legal agreement, a purchase order or an email confirming that the buyer is placing an order. Previous. ANSWER: C 2. Next . Understanding the principle of Accounting makes understanding the subject much easier. In the annual report, where would a financial statement reader find out if the company’s financial statements What happens when a distribution is positively skewed? Page 7 We will give a summary of what you are to expect from the Financial Accounting past questions and answer PDF document which we have provided below before we provide you with the Download link for the subject. With the increasing scope of digital marketing career, SEO jobs have become quite popular. "˘˘ ˙ ! Where are supply-chain strategy concepts applicable? What is an the amount of cash paid in acquiring an asset? Here are accounting interview questions for fresher as well as experienced candidates to get their dream job. Step-by-step solutions to problems over 34,000 ISBNs Find textbook solutions. The accounting standards represent a set of principles generally accepted by the accounting profession and the users of accounting information. (a) business entity (b) realization (c) going concern (d) dual-aspect ANS: A, 11) A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John’s account. Bookkeeping is the initiative within the accounting process and arguably the foremost important one. Home - Financial Accounting Exam Past Questions And Answers – PDF Documents. What are the characteristics of Big data? Amount of depreciation is constant in straight line method and not decreases every year. What are the advantages of bookkeeping solutions? All answers here are correct, you can as well make references to your Financial Accounting text books should you have doubts as regards any of the answers. When answering these questions, there is always the temptation to look at the answers before answering the questions, This is a wrong strategy because your mind would be limited to calculate and force your answer towards the exact answer of the question hence making you limit your scope of thinking. SitemapCopyright © 2005 - 2021 ProProfs.com. Access answers to thousands of finance questions with simple, understandable explanations. ˇ 2 ! Financial Accounting MCQs Questions and Answers [with Pdf], Here learn accounting questions and answers for exams and download financial accounting exam questions and answers pdf What can be modified on standard object fields? Kindly share with your friends because it would be of immense help to them. If he sent a cheque for N500, UTC would send him a (a) credit note (b) debit note (c) journal voucher (d) way bill ANS: A, 15) Books of original entry are used for (a) recording business transactions (b) the adjustment of accounts (c) reminding the book keeper to-post transactions in the ledger (d) informing the bookkeeper about the state of affairs. Get help with your accounting homework! What do you call a style of leadership that takes account of others' views, opinions and ideas? Nice purchase! A bookkeeper will compile all financial data - from transactions to wages - and switch them... What is the purpose of a remittance advice? Finance and Accounting Interview Questions (FAQs) We have a collection of top finance and accounting interview questions compiled with real-life experiences and research with working professionals. Explore new opportunities. Find over 1,500 Q&A for accounting and finances at AccountingCoach blog. financial-accounting-exam-questions-and-answers-pdf.pdf - … Posted balance is the amount of balance you see in your bank account and is physically available for use. Menu. Hope the above is well explained. (c) John: N20 Dr, Cash: N20 Cr. What can be done with a workflow field update action? Become a part of our community of millions and ask any question that you do not find in our Financial Accounting … The double entry in John’s books is (a) debit rent account, credit bank account (b) debit rent account, credit John’s account (c) debit bank account, credit rent account (d) debit John’s account, credit rent account ANS: A. I passed the exam with a high score. Get Textbook Solutions and 24/7 study help for Financial Accounting. (a) realization (b) entity (c) going concern (d) duality ANS: D, 6) The art of collecting, recording, presenting and interpreting accounting data is ___. I passed my Financial-Accounting-and-Reporting exams with a perfect score and I am ready to go for another! It is because of the phobia for the calculations involved in this subject that students prefer Art classes where there are lesser calculation subjects and also most courses in the university for students in art classes do not require mathematics as a compulsory requirements and the few who manage to go for it prefer searching for any Financial Accounting exam past question and answer booklet and cramming the questions and answers instead of studying the required text books to understand the subject better. Learn Accounting For Free Ophelia Accounting Interview Questions - Top 14 Questions You Can Expect There is a popular saying “Face your fears head on” when you do so fear dissipates by 50% if you do not face your fears you will not come to terms with the popular saying that Fear is a mirage, it does not exist, its the cooked up mental scenario by the mind. What happens under the straight line method of depreciation? Accounting Test Question With Answers On Accounting Equation and Debit And Credit _____ (Page 2) ˘ ˇ ˆ ˙˝ ˘ ˇ ˘˘ ˙˝˘ ˙˛ ˙ ˇ ˘˘ ˙ ˘ ˇ ˙ ˝ˆˇ˚ ˜ ˜ "˘˘ ˝* ! Accounting is chosen as a profession because: Become a part of an extensive network of professionals. (a) entity concept (b) periodicity concept (c) going concern concept (c) realization concept ANS: C, 8) The most important reason for studying accounting is that (a) the information provided by accounting is useful in making decisions (b) accounting plays an important role in a society (c)the study of accounting leads to a challenging career (d) accounting provides gross profit information ANS: A, 9) Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates result (a) Conservatism (b) Historical (c) Monetary (d) Cost ANS: A, 10) Which of the following concepts is expected to hold when a proprietor makes a drawing of goods or cash from the business? What is the difference between SOX and Operational Audit? This download link will take you to the full document containing close to 100 Financial Accounting past questions and answers. What type of office salaries, advertising, and sales commissions are the examples? Accounting. ANS: B, 14) Bola, UTC’s regular customer, owned N1000 on account of a radio bought. Depreciation is a process of _________. (a) John: N40 Dr, Cash: 40 Cr. C. opening balance of creditors. Which of the following journal entries can be used to correct the error? Amounts earned from providing goods and services to a customer, Debit Fixed Asset Disposal and Credit Fixed Asset Cost. What is the difference between Loss Payee and Mortgagee? Scholars have always advised students that past questions and answers are best made use of after reading thoroughly, questions and answers are used as a metric to test your strengths and identify your weaknesses on a particular subject and work on them. (a) buildings account (b) motor vehicle account (c) patents account (d) furniture account ANS: C, 25) Which of the following is not a revenue account? ____ 1. Financial accounting information is reported in accordance with the accounting standards. sANS: A, 12) A sales Day Book is used for recording___ (a) credit sales (b) sales returns (c) hire purchase (d) cash sales ANS: A, 13) A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of (a) classifying in the ledger (b) testing arithmetical accuracies of the ledger account balance (c) identifying the balance sheet items (d) providing a basis for establishing the accountant’s competence. 2 The accounting theory 97 3 Financial statements 147 4 Application of specific accounting standards 195 5 Business combinations 265 6 Analysis of financial statements 349 Revision questions 387 Answers to revision questions 411 Before you begin questions: Answers and commentary 425 Glossary of terms 443 Formulae 453 Index 457
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