• 1. 
    Only accounts with a balance are listed in the Trial Balance columns of a work sheet.

  • True
  • False
  • 2. 
    Under the accrual basis of accounting, expenses are reported in the accounting period when the

  • Cash is Paid
  • Expense Matches the Revenues or is Used up
  • 3. 
    Anything of value that is owned

  • account
  • asset
  • withdrawal
  • expense
  • 4. 
    Cash Short and Over is classified as a(n)

  • a. asset.
  • b. liability.
  • c. expense.
  • d. equity.
  • 5. 
    What type of an account is Accounts Payable?

  • ASSET
  • LIABILITIES
  • OWNER'S EQUITY
  • 6. 
    Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

  • Assets
  • Liabilities
  • Debt
  • Owner Equity
  • 7. 
    The ________________ __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.

  • Income Statement
  • Balance Sheet
  • Income Worksheet
  • Balance Sheet
  • 8. 
    What will usually cause the liability account Accounts Payable to increase?

  • Debit
  • Credit
  • 9. 
    Concept: Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

  • Unit of measurement
  • historical cost
  • materiality
  • matching expenses with revenue
  • 10. 
    The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

  • Accounting Period Cycle
  • Source Document
  • Fiscal Year
  • None of the Above
  • 11. 
    A company is classifying its costs. It discovers that for any level of output between 10 000 and 15 000 units the freight cost per unit is always the same figure of $2 per unit. Of which type of cost is this an example?

  • fixed cost
  • semi variable cost
  • stepped cost
  • variable cost
  • 12. 
    Uncollected cheques are also known as?

  • Outstanding cheques
  • Uncleared cheques
  • Outstation cheques
  • Both A & B
  • 13. 
    Trading stock is an/a ________?

  • equity
  • liabilities
  • assets
  • owners equity
  • 14. 
    What type of an account is cash?

  • ASSET
  • LIABILITIES
  • OWNER'S EQUITY
  • 15. 
    The process where the blood clots.

  • Coagulation factor
  • Coagulation system
  • Coagulation process
  • Coagulation cascade
  • 16. 
    ________ are debts of the business?

  • assets
  • liabilities
  • owners equity
  • vehicles
  • 17. 
    An endorsement on the back of a check consisting only of a signature is a(n)

  • a. blank endorsement.
  • b. special endorsement.
  • c. restrictive endorsement.
  • d. incorrect endorsement.
  • 18. 
    When cash is short, the entry to replenish petty cash includes a

  • a. debit to Cash Short and Over.
  • b. credit to Cash Short and Over.
  • c. debit to Petty Cash.
  • d. credit to Miscellaneous Expense.
  • 19. 
    The natural, plant-synthesized dietary source of vitamin K is _________.

  • Phylloquinone
  • Menaquinone
  • Menadione
  • VItamin K2
  • 20. 
    Opening balance is __________?

  • balance of payments
  • balance carried down
  • balance broad-down
  • money
  • 21. 
    Received cash from owner as investment

  • Increase cash & capital
  • Decrease cash & capital
  • Increase assets & liabilities
  • Decreases assets & liabilities
  • 22. 
    Two financial statements are prepared from the information on the work sheet.

  • True
  • False
  • 23. 
    Vitamin K was discovered 1929, when the Danish Nutritional scientist ____________ was investigating the role of cholesterol.

  • Dr. Henry Chu
  • Dr. Henrik Dam
  • Dr. Edward A. Doisy
  • Dr. Edwin A. Doisy
  • 24. 
    In order to perform a bank reconciliation you will need the check register and which of the following?

  • Bank Statement
  • Chart of Accounts
  • Accounts Payable
  • Accounts Receivable
  • 25. 
    Favourable balance means?

  • Credit balance in the cash book
  • Credit balance in the bank statement
  • Debit balance in cash book
  • Both B & C
  • 26. 
    It is the collective name for a group of fat-soluble compounds with distinctive antioxidant activities.

  • Vitamin A
  • Vitamin D
  • Vitamin E
  • Vitamin K
  • 27. 
    Who discovered the first vitamin B?

  • B.C.P Jansen
  • Sir Frederick Gowland Hopkins
  • Elmer Vernon McCollum
  • Casimir Funk
  • 28. 
    Assets decreases on the _______ side?

  • debit
  • two
  • credit
  • sixth
  • 29. 
    Adjusting entries must be posted to the general ledger accounts.

  • True
  • False
  • 30. 
    The bone resorbing cell or the cell which breakdown bone.

  • osteoclast
  • osteocytes
  • osteoblast
  • osteocalcin
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