MGT101 Financial Accounting Quiz 1 Solved Fall 2012

  • A business event which can be measured in terms of money and must be recorded in books of accounts is called: Transaction
  • Revenues, expenses and net profit are found on a: Statement owners of iniquity
  • __________ is the excess of Sales over Cost of goods sold in an accounting period: Gross Profit
  • In which of the following statement/s closing stock is/are shown?
  • Which of the following contents are included in the Cost of goods sold? Opening stock
  • Select the most suitable equation which properly represents the derivation of fundamental Accounting Equation.
  • Partnership means a lawful business owned by at least: Two or more persons
  • Any expense that gives benefit for a period of less than twelve months is called ________. Revenue expense
  • The term “Debit” is drived from______________ language. Latin
  • What is the proper order of the following steps in the accounting process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger accounts

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