Accounting 1 / mid term
Accurate Accounting Quiz
Test your knowledge of fundamental accounting principles and practices with our engaging Accounting 1 mid-term quiz. This quiz features a variety of questions designed to challenge and enhance your understanding of key accounting concepts.
Topics covered include:
- Revenue recognition
- Income statements
- Adjusting entries
- Equity and liabilities
When revenue is earned ana expenses when incrred this shows to
Cash basis aaccounting
Revenue recognition principles
Accrual basis accounting
Expenses recognition principles
If the service revenue is $65.000 and salaries expenses $20.000 and advertising exp 12.000 the income statement is
Net Loss for $33.000
Net income for $35.000
Net income for $33.000
Net loss for $35.000
Analyzing and interpreting information refer to
Communications
Recording
Identification
None of the above
1/1 Ahmad company purchased Equipment for $ 3.000 cash . 5/1 paid salaries expenses for $500 and in 31/1 recived $10.000 for future service . The balance of cash was :
13.500
6.500
13.000
9.500
If cost $10.000 and useful life is 3 years and the salvage value $1000 the Depreciation expenses is
$3.000
$9.000
3.300
11.000
Assume on march 1 , 2020 jalal company pays $4.500 cash to ahmad insurance for one year effective on march 1 . The adj entry in July 31 is
DR insurance exp 375 And cr prepaid iinsurance 375
Dr insurance exp 1.125 and cr prepaid insurance 1.125
Dr prepaid insurance 1.125 and Cr insurance exp 1.125
Dr prepaid insurance 375 and Cr insurance exp 375
Net income will result during a time period when :
Assets exceed Liabilities
Expenses exceed revenue
Assets exceed revenue
Revenue exceed expenses
In 5/6 Mahmood company purchased Equipment for $ 30.000 on account the effects is
In assets only
Assets increase and liabilities decrease
Liabilities increase and assets increase
None of the above
On Oct.1 the company issued ordinary shares for $20.000 the entry is
DR cash and CR share - capital
DR cash and CR acc.recivable
DR share-capital CR cash
DR cash CR acc. payable
On sep.23 , ahmad recived $5.000 for services provided the entry is
DR cash and CR service revenue for $5.000
Dr cash and Cr Unearned Revenue for $5.000
DR service revenue CR cash for $5.000
DR cash and Cr acc.rec for $5.000
Each of the following is a major type of adjusting entry except
Earned revenues
Prepaid expenses
Accrued expenses
Accrued revenue
At april ABC company had supply on hand of $800 During the month , ABC purchase supply of $4.000 and supply used of $900 the adj. Entry on April is
DR supply exp. CR supply both for $3200
Dr supply exp and cr supply both for $ 900
DR supply and CR supply exp both for $3200
DR supply cr acc. Pay both for 4000
Which of the following is not a step in the accounting process
Recording
Communication
Verification
Identification
If the service rev $50.000 and total expenses is 25.000 and dividends 2.500 and Ending Retained earnings is $35.000 . The begging retained earnings is
22.500
12.500
27.500
25.000
If the equity is $ 30.000 and assets is $ 130.000. If equity increase for 4.000 what the liabilities
164.000
160.000
96.000
100.000
During 2015 sara company assets decrease $40.000 and its liabilities decrease $90.000 . Equity therefore
Decrease $50.000
Increase $50.000
Decrease 130.000
Increase 130.000
Which of the following is false
A journal is not a book of original entry
A ledger is a book of original entry
Book value is the cost - accumulated Depreciation
A+B are false
Purchase equipment for $5.000 on account
DR equipment and CR acc.rec for $ 5.000
DR equipment and CR acc. Payable for $5.000
DR equipment and CR cash $5.000
Dr acc.rec and cr equipment $5.000
Rami signed a three - month note payable in the amount of $12.000 on march 1 . The note requires interest at an annual rate of 12% . The amount of interest in April 31 is
240
1440
360
120
If the Assets $90.000 and the liabilities two - third of assets what the total equity
60.000
3.000
30.000
135.000
Hired park manager at a salary of $4.000 per month, effective june 1 the entry is
Dr salaries exp and cr cash
Dr salaries exp and Cr acc.rec
No entry
None of the above
ABC company purchase 200 coupon books for $5 each . The cost for this purchase is
10000
2000
1000
200
Which of the following example in internal users
Labor union
Creditor
Investors
Company officers
Received $7500 for service provided rhe effect in aaccounting equation is
Increase in assets and increase in liabilities
Decrease in equity and increase in assets
Increase in equity and increase in liabilities
Increase in assets and increase in equity
Before posting a payment of $7.000 , the account payable of arab company had a normal balance of $16.000 . The balance after posting this transaction was
7.000
16.000
23.000
9.000
Monthly and quarterly time is called
Fiscal year
Interim period
Periodicity assumption
None of the above
Prior to adjustment for prepaid expenses the net income is
Overstated
Understated
No effect
Prior to adjustment for accrued expenses the liabilities is
Overstated
Understated
None of the above
Is an information systems that identify, record, communications this is
Accounting
Bookkeeping
GAAP
Communication
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