Principle of Account CXC Paper 1 Practice Questions

Results

#1. The primary private sector agency that oversees external financial reporting standards in the:

all of the above

general accounting office

internal revenue service

financial accounting standards board

#2. Accounting is the set of concepts and techniques that are used to measure and report financial information about an economic unit

False

True

#3. Business entries are recorded originally in _________

general journal

SOCI

SOFP

trial balance

#4. __________ is the excess of a company’s revenue over expenses for a given time period.

assets

income

owner investment

liabilities

#5. The private sector that currently overseas external financial reporting is the?

liabilities

revenue

financial accounting standards board

balance sheet

#6. Closing balance of cash can be obtained by drawing up a _________

credit account

cash book

cash payments journal

debtor account

#7. Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earnings?

investments by stock holders

dividens

net loss

net income

#8. Which of the following transaction would have no impact on stockholders equity?

investment of cash by stock holders

none of the above

net loss

purchase of land from the proceeds of a bank loan

#9. Assets are usually reported on the balance sheet at which account ?

expected selling price

income statement

cost

current market value

#10. Net profit + operating expenses =

amount of sales

net sales

costs of goods sold

gross profit

#11. A financial statement that reports a company’s assets, liabilities and shareholders’ equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders

assests

general ledge account

liability

balance sheet

#12. Accounting entries involves a minimum of how many accounts?

four

two

five

three

#13. Some of the more common balance sheet accounts and how they are further arranged in the general ledger include all the following except?

operating expense accounts including Salaries Expense, Rent Expense, and Advertising Expense

liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits

asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment

stockholders' equity accounts such as Common Stock, Retained Earnings, Treasury Stock, and Accumulated Other Comprehensive Income

#14. Which of the following would not be included on a balance sheet?

accounts receivable

sales

all of the above

accounts payable

cash

#15. Which of the following has the right to basic voting in corporation?

ordinary share-holders

preference share holder

no one has the right

both have equal rights

#16. Which of these items would be accounted for as an expense?

purchase of land

dividends to stockholders

repayment of a bank loan

payment of the current periods rent

#17. Money owed to customers is ______________

income

a liability

an asset

capital

#18. Which of the following equations properly represents a derivation of the fundamental accounting equation?

assets-liabilities=owners equity

assets=owner's equity

assets+liabilities=owners equity

cash=assets

Finish

Helpful Test

Principle of Account CXC Paper 1 Practice Questions

Results

#1. The primary private sector agency that oversees external financial reporting standards in the:

#2. Accounting is the set of concepts and techniques that are used to measure and report financial information about an economic unit

#3. Business entries are recorded originally in _________

#4. __________ is the excess of a company’s revenue over expenses for a given time period.

#5. The private sector that currently overseas external financial reporting is the?

#6. Closing balance of cash can be obtained by drawing up a _________

#7. Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earnings?

#8. Which of the following transaction would have no impact on stockholders equity?

#9. Assets are usually reported on the balance sheet at which account ?

#10. Net profit + operating expenses =

#12. Accounting entries involves a minimum of how many accounts?

#13. Some of the more common balance sheet accounts and how they are further arranged in the general ledger include all the following except?

#14. Which of the following would not be included on a balance sheet?

#15. Which of the following has the right to basic voting in corporation?

#16. Which of these items would be accounted for as an expense?

#17. Money owed to customers is ______________

#18. Which of the following equations properly represents a derivation of the fundamental accounting equation?

Helpful Test Copyright @ 2022

Principle of Account CXC Paper 1 Practice Questions

Results

#1. The primary private sector agency that oversees external financial reporting standards in the:

#2. Accounting is the set of concepts and techniques that are used to measure and report financial information about an economic unit

#3. Business entries are recorded originally in _________

#4. __________ is the excess of a company’s revenue over expenses for a given time period.

#5. The private sector that currently overseas external financial reporting is the?

#6. Closing balance of cash can be obtained by drawing up a _________

#7. Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earnings?

#8. Which of the following transaction would have no impact on stockholders equity?

#9. Assets are usually reported on the balance sheet at which account ?

#10. Net profit + operating expenses =

#12. Accounting entries involves a minimum of how many accounts?

#13. Some of the more common balance sheet accounts and how they are further arranged in the general ledger include all the following except?

#14. Which of the following would not be included on a balance sheet?

#15. Which of the following has the right to basic voting in corporation?

#16. Which of these items would be accounted for as an expense?

#17. Money owed to customers is ______________

#18. Which of the following equations properly represents a derivation of the fundamental accounting equation?

10 Ways To Overcome Nervousness Before an Exam

Persuasive writing

You may also like

Helpful Test Copyright @ 2022