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A Statement of Account Is Issued

The document appears to be a multiple choice quiz on accounting concepts and financial statement analysis. It consists of 20 questions covering topics like the accounting equation, journal entries, financial statement analysis techniques like horizontal analysis and vertical analysis, accounting records like journals and trial balances, and specific accounts.

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Eliza Marie Lisbe
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1K views

A Statement of Account Is Issued

The document appears to be a multiple choice quiz on accounting concepts and financial statement analysis. It consists of 20 questions covering topics like the accounting equation, journal entries, financial statement analysis techniques like horizontal analysis and vertical analysis, accounting records like journals and trial balances, and specific accounts.

Uploaded by

Eliza Marie Lisbe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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A statement of account is issued ____________ by the bank.

Select one:

a. Daily

b. Weekly

c. Annually

d. Monthly

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Vertical analysis makes use of common size financial statements to convert each financial statement
item to its base year.

Select one:

True

False

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Accounts payable credit is posted to what side of the general ledger?

Select one:

a. Middle

b. cannot be posted

c. Right

d. Left

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One of the components of a total liability as a base item in a vertical analysis is?

Select one:

a. current liabilities

b. Current assets
c. none of the choices

d. Total Equity

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Checking account is also known as:

Select one:

a. None of the choices

b. Savings account

c. Current account.

d. Deposit account

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To enumerate the different categories of financial information. There are ____ main categories of
financial information.

Select one:

a. 2

b. 3

c. 7

d. 5

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Vertical analysis is also known as static analysis as it only looks at financial statement information one
period at a time.

Select one:

True
False

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The most common analytical techniques used to review financial statements are the horizontal analysis,
vertical analysis, and ratio analysis.

Select one:

True

False

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It means how quickly you can get your hands on your cash.

Select one:

a. growth

b. Liquidity
c. profitability

d. Stability

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What is the accounting equation?

Select one:

a. Equities (Liability - Equity)

b. Asset

c. None of the choices

d. Liability + Equity + Income - Expense

e. Asset

f. Asset

g. Liability - Equity

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On September 1, 2016, Mr. Bruno invested P100,000 to open up a barber shop, what is the entry to
record the transaction?

Select one:

a. dr Mr. Bruno, Capital cr Cash

b. dr Mr. Bruno, Capital cr Accounts Payable

c. dr Cash cr Mr. Bruno, Capital

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__________________ are evidenced by either ATMs or passbooks.

Select one:

a. Deposit Account

b. Current Account
c. Savings Account

d. All of the choices

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To differentiate the different techniques of financial analysis. __________________- is also known as


static analysis.

Select one:

a. Horizontal Analysis

b. Ratio Analysis

c. None of the choices

d. Vertical Analysis

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The most common analytical technique:

Select one:

a. Profitability

b. Liquidity

c. Stability

d. None of the choices

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The entry to record the depreciation for the period?

Select one:

a. dr accumulated depreciation cr depreciation expense

b. dr depreciation expense cr accumulated depreciation


c. dr depreciation expense cr cash

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What is needed to be able to prepare financial statements?

Select one:

a. Statement of Income

b. Ledger

c. Trial Balance

d. Journal

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The reference column is also known as:

Select one:

a. Account number

b. Date

c. Debit

d. Folio

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Another term for foot is :

Select one:

a. Net

b. Sum

c. Total

d. Gross

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When do we prepare the unadjusted trial balance?

Select one:

a. After Journalizing

b. Either A or B

c. After posting

d. Before posting

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Which account has a credit normal balance?

Select one:

a. Repairs and maintenance


b. gas and oil

c. Salaries and wages

d. mortgage payable

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