Description : Profit on sale of machinery comes under------------ a) Investing activity b) Financing activity c) Operating activity d) None of these
Last Answer : c) Operating activity
Description : Rent received by a company (whose main business is real estate) is classified as a) Investing activity b) Financing activity c) Operating activity d) Cash equivalent
Description : Proposed dividend is classified as----------- a) Investing activity b) Financing activity c) Operating activity d) Cash equivalent
Description : Purchase of fixed asset is classified as------activity a) financing b) investing c) operating d) others
Last Answer : Purchase of fixed asset is classified as------activity a) financing b) investing c) operating d) others
Description : Dividend paid are classified under-------------------activities a) Financing b) Investing c) Operating d) Other
Last Answer : a) Financing
Description : Dividend paid under AS- 3 is---------- a) Cash flow from financing activity b) Cash flow from operating activity c) Cash flow from investing activity d) None of these
Last Answer : c) Cash flow from investing activity
Description : Provision for tax is shown as a part of-----------activity a) financing b) investing c) operating d) others
Last Answer : c) operating
Description : Cash payment suppliers of goods and services are shown under-------------. a) Operating b) Financing c) Investing
Last Answer : a) Operating
Description : Buy back of shares is shown under----------------------- a) operating activities b) investing activities c) financing activities d) none of these
Last Answer : c) financing activities
Description : Cash payment on redemption of debenture is an example of cash flow from _________ activities a) Operating b) Investing c) Financing d) Others
Last Answer : c) Financing
Description : Cash receipts from royalties is an example of cash flow from__________ a) Investing activities b) Financing activities c) Operating activities d) None of these
Last Answer : a) Investing activities
Description : Income tax paid should be shown separately as the cash flows from----------- activities. a) Financing b) Investing c) Operating d) Others
Last Answer : c) Operating
Description : When a fixed asset is bought as hire purchase, interest element is classified under ______ and loan element is classified under________. A. Operating activities, financing activities B. ... activities, investing activities C. Investing activities, operating activities D. None of the above
Last Answer : B. Financing activities, investing activities
Description : In the case of financial enterprises, the cash flow resulting from interest and dividend received and interest paid should be classified as cash flow from A. Operating activities B. Financing activities C. Investing activities D. None of the above
Last Answer : A. Operating activities
Description : As per Accounting Standard-3, Cash Flow is classified into A. Operating activities and investing activities B. Investing activities and financing activities C. Operating activities and financing activities D. Operating activities, financing activities and investing activities
Last Answer : D. Operating activities, financing activities and investing activities
Description : Investment costing Rs.50,000 at the loss of Rs.3,000 cash outflow in investing activity is -------- a) Rs.53,000 b) Rs.50,000 c) Rs.47,000 d) Rs.48,000
Last Answer : c) Rs.47,000
Description : Two categories of expenses for merchandising companies are a. cost of goods sold and financing expenses. b. operating expenses and financing expenses. c. cost of goods sold and operating expenses. d. sales and cost of goods sold.
Last Answer : c. cost of goods sold and operating expenses.
Description : Which of the following is not a true statement about a multiple-step income statement? a. Operating expenses are often classified as selling and administrative expenses. b. There may be a section for nonoperating ... be a section for operating assets. d. There is a section for cost of goods sold.
Last Answer : c. There may be a section for operating assets.
Description : An intangible asset a. does not have physical substance, yet often is very valuable. b. is worthless because it has no physical substance. c. is converted into a tangible asset during the operating cycle. d. cannot be classified on the balance sheet because it lacks physical substance.
Last Answer : a. does not have physical substance, yet often is very valuable.
Description : Gross profit for a merchandiser is net sales minus a. operating expenses. b. cost of goods sold. c. sales discounts. d. cost of goods available for sale.
Last Answer : b. cost of goods sold.
Description : A sales discount does not a. provide the purchaser with a cash saving. b. reduce the amount of cash received from a credit sale. c. increase a contra-revenue account. d. increase an operating expense account.
Last Answer : d. increase an operating expense account.
Description : The operating profit and net sale of a firm are rs.2,00,000 and rs.10,00,000 respectively then operating ratio will be a) 20% b) 5% c) 50% d) 20%
Last Answer : a) 20%
Description : patent is presented with SOB. On Xray he has cardiomegaly and rt. pleural effusion. pleural aspiration reveals: protein is
Last Answer : CHF.
Description : patent with vaginal discharege ,suprabubic pain for 3 days ,fever and bilateral fornieces tenderness what is the Dx 1-apendicytis 2-acute salpyngitis 3-chronic salpingytis
Last Answer : acute salpyngitis
Description : Example of activity ratios ------------------------ a) Gross profit ratio b) Net profit ratio c) Operating ratio d) Stock turn over ratio
Last Answer : d) Stock turn over ratio
Description : Income statement ratios are also called ----------- a) Operating ratio b) Liquidity ratio c) Activity ratio d) Trend ratio
Last Answer : a) Operating ratio
Description : If a company is given credit terms of 2/10, n/30, it should a. hold off paying the bill until the end of the credit period, while investing the money at 10% annual interest during ... desperate for cash and withhold payment until the end of the credit period while negotiating a lower sales price.
Last Answer : b. pay within the discount period and recognize a savings.
Description : Cash flow from financing activities include payment of interest on borrowing and___ to share holders a) Dividend b) Interest c) Bonus d) Bonus shares
Last Answer : a) Dividend
Description : Fund flow statement are very useful in planning intermediate and ----------- financing. a) Short term b) Long term c) Medium term d) None of these
Last Answer : a) Short term
Description : On a classified balance sheet, merchandise inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment.
Last Answer : c. a current asset.
Description : Which of the following would not be classified as a contra account? a. Sales b. Sales Returns and Allowances c. Accumulated Depreciation d. Sales Discounts
Last Answer : a. Sales
Description : The Sales Returns and Allowances account is classified as a(n) a. asset account. b. contra asset account. c. expense account.
Last Answer : b. contra asset account.
Description : Land held for future use will be reported in the ____________ section of a classified balance sheet. a. Long-term assets. b. Long-term investments. c. Property, Plant and Equipment. d. Current assets..
Last Answer : b. Long-term investments.
Description : The sub-classifications on the company’s classified balance sheet would include all of the following except: a. Current Assets. b. Property, Plant, and Equipment. c. Current liabilities. d. Long-term Assets.
Last Answer : d. Long-term Assets.
Description : On a classified balance sheet, current assets are customarily listed a. in alphabetical order. b. with the largest dollar amounts first. c. in the order of liquidity. d. in the order of acquisition.
Last Answer : c. in the order of liquidity.
Description : Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. c. tangible liabilities and intangible liabilities. d. current liabilities and long-term liabilities.
Last Answer : d. current liabilities and long-term liabilities.
Description : Office Equipment is classified in the balance sheet as a. a current asset. b. property, plant, and equipment. c. an intangible asset. d. a long-term investment.
Last Answer : b. property, plant, and equipment.
Description : ABC analysis is an inventory control technique in which: (a) Inventory levels are maintained (b) Inventory is classified into A, B and C category with A being the highest quantity, lowest value. (c) ... A, B and C Category with A being the lowest quantity, highest value (d) Either b or c
Last Answer : (c) Inventory is classified into A, B and C Category with A being the lowest quantity, highest value
Description : Cost of goods available for sale is computed by adding a. freight-in to net purchases. b. beginning inventory to net purchases. c. beginning inventory to purchases and freight-in. d. beginning inventory to cost of goods purchased.
Last Answer : d. beginning inventory to cost of goods purchased.
Description : Baden Shoe Store has a beginning merchandise inventory of $30,000. During the period, purchases were $140,000; purchase returns, $4,000; and freight-in $10,000. A physical count of inventory at the end of the period revealed ... for sale was a. $164,000. b. $156,000. c. $176,000. d. $184,000.
Last Answer : c. Purchases Returns and Allo
Description : Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.
Last Answer : c. cost of goods purchased.
Description : Cost of goods available for sale is computed by adding a. beginning inventory to net purchases. b. beginning inventory to the cost of goods purchased. c. net purchases and freight-in. d. purchases to beginning inventory
Last Answer : b. beginning inventory to the cost of goods purchased.
Description : When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.
Last Answer : b. the cash account will be credited.
Description : A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. What amount is received as payment in full on July 24? a. $900 b. $833 c. $850 d $882
Last Answer : b. $833
Description : he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales
Last Answer : d. Accounts Receivable Sales
Description : In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.
Last Answer : b. only when a credit sale of merchandise occurs.
Description : The entry to record the receipt of payment within the discount period on a sale of $750 with terms of 2/10, n/30 will include a credit to a. Sales Discounts for $15. b. Cash for $735. c. Accounts Receivable for $750. d. Sales for $750.
Last Answer : c. Accounts Receivable for $750.
Description : A credit sale of $800 is made on April 25, terms 2/10, n/30, on which a return of $50 is granted on April 28. What amount is received as payment in full on May 4? a. $735 b. $784 c. $800 d $750
Last Answer : a. $735
Description : f a company determines cost of goods sold each time a sale occurs, it a. must have a computer accounting system. b. uses a combination of the perpetual and periodic inventory systems. c. uses a periodic inventory system. d. uses a perpetual inventory sy
Last Answer : a. must have a computer accounting system.
Description : In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. c. on an annual basis. d. with each sale.
Last Answer : d. with each sale.