Financial Accounting > QUESTIONS & ANSWERS > Accounting Test |Download for quality grades | correct answers are ticked | (All)
Accounting Test |Download for quality grades | correct answers are ticked |
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Correct answers are: 1. The Statement of Profit and Loss is also called the Balance Sheet Income Statement Statement of Cash Flows Statement of Financial Position 2. Which of the following is no... t a type of cash ows shown in the Cash Flow Statement? Operating cash ow Investing cash ow Accounting cash ow Financing cash ow 3. Which of the following is not a current asset? Cash Accounts payable Inventory Property, plant, and equipment 4. What are the eects on the balance sheet when a company borrows a two-year bank loan of $1,000? $1,000 credit in current liabilities; $1,000 debit in current assets $1,000 credit in current liabilities; $1,000 debit in non-current assets $1,000 credit in non-current liabilities; $1,000 debit in current assets $1,000 credit in non-current liabilities; $1,000 debit in non-current assets 5. What happens to the balance sheet when a company makes sales of $500, of which $300 is paid in cash and $200 is sold on credit? $300 debit in cash; $200 debit in accounts receivable; $500 credit in retained earnings $300 credit in cash; $200 credit in accounts receivable; $500 debit in retained earnings $300 debit in cash; $200 debit in accounts payable; $500 credit in retained earnings [Show More]
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