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