Name:
Class:
                               TEST
I. MULTIPLE CHOICE
1. What does BALE stand for?
A. Balance sheet: Assets,...
13.              is a liabilities that has been paid to the company for work that has not yet
been performed or goods that...
30. Holders of          have residual equity in a corporation.
A. preferred stock                              C. common s...
Dethi Ktcn
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Dethi Ktcn

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Transcript of "Dethi Ktcn"

  1. 1. Name: Class: TEST I. MULTIPLE CHOICE 1. What does BALE stand for? A. Balance sheet: Assets, Liabilities, and Equity. B. Balance sheet: Assets, Liabilities, and Expense. C. Balance sheet: Accounts payable, Liabilities, and Expense. D. Balance sheet: Accounts payable, Liabilities, and Equity. 2. What does IRE stand for? A. Income statement: Revenues and Expenses B. Inventory: Revenues and Expenses C. Intermediate term debt: Prepaid expenses and equipment D. Interest Income: Revenues and Equity 3. are things you own (cash, inventory, investments, land, buildings…) A. liabilities B. debts C. assets D. expenses 4. are things that you owe ( account payable, interest payable) A. liabilities B. debts C. assets D. expenses 5. Income and expense accounts are totaled at regular intervals. A. revenue B. asset C. equity D. Income 6. are those assets that are expected to be turned into cash or used up within the next twelve months. A. noncurrent assets C. current assets B. noncurrrent asset D. current asset 7. are those assets that are not going to be turned into cash or used up within in the next 12 months. A. noncurrent assets C. current assets B. noncurrrent asset D. current asset 8. Anything of value that a business or organization owns is commonly known as A. a liabilities C. an equity B. an asset D. an expensive 9. The value of the business to the owner or owners is known as . A. liability C. stock B. capital D. income account 10. are those liabilities that are expected to be satisfied within the next 12 months. A. current assets C. current liabilities B. noncurrrent assets D. noncurrent liabilities 11. are those liabilities that are not expected to be satisfied with the next 12 months. A. current assets C. current liabilities B. noncurrrent assets D. noncurrent liabilities 12. is a loan secured by real estate that usually has a long payment term. A. unearned revenue C. mortage B. cheque D. bond
  2. 2. 13. is a liabilities that has been paid to the company for work that has not yet been performed or goods that remain to be shipped. A. unearned revenue B. mortage C. cheque D. bond 14. An asset that represents an expense that has been paid for and not yet used up is a A. cash C. prepaid expense B. franchise D. marketable securities 15. An items of value that the company owns or has right to (examples: cash, real estate, equipment, and even intangible items) A. liabilities B. equity C. assets D. expenses 16. An obligations that are owed to other parties (examples: wages payable, taxes due, and borrowed money) A. liabilities B. equity C. assets D. expenses 17. The ownership value of a company (examples: common stock and retained earnings) A. liabilities B. equity C. assets D. expenses 18. The costs of doing business (examples: salary expense, rent, utilities expense, and interest on borrowed money) A. liabilities B. equity C. assets D. expenses 19. The board areas of can be named assets, liabilities, and net worth. A. interest B. income C. inventory D. intangible asset 20. Expenses that are recorded before any bill has been received are called . A. accrued expense C. accrued income B. accrued liabilities D. A,B and C are correct 21. The time when a financial arrangement falls due for payment or repayment A. interest B. check C. sacrifice D. maturities 22. A small printed form that, when filled out and signed, instructs a bank to pay a specific sum of money to the person named on it. A. interest B. check C. sacrifice D. maturities 23. A person or organization to whom goods or services are provided and sold. A. accrued expense B. client C. sacrifice D. maturities 24. due or needing to be paid A. accrued expense B. interest C. payable D. maturities 25. An expense that has been incurred but not yet paid for in a particular accounting period. A. accrued expense B. interest C. payable D. sacrifice 26. A giving up of something valuable or important for somebody or something else considered to be of more or importance A. accrued expense B. interest C. payable D. sacrifice 27. A change made for a loan or credit facility, or a payment made by a bank or other financial institution for the use of money deposited in an account A. accrued expense B. interest C. payable D. sacrifice 28. If we purchase something on credit, the credit will be to . A. cash C. accounts payable B. accounts receivable D. furniture 29. The rights and benefits of a vary according to the type of stock held. A. preferred stock C. common stock B. stockholder D. distribution
  3. 3. 30. Holders of have residual equity in a corporation. A. preferred stock C. common stock B. stockholder D. distribution 31. Holders of typically receive a share of the proceeds from the dissolution of a company before holders of nonpreferred stock. A. preferred stock C. common stock B. stockholder D. distribution 32. Stock with first precedence in the of dividends or assets is called first preferred; the next is called second preferred and so on. A. preferred stock C. common stock B. stockholder D. distribution 33. On the Balance Sheet, the stockholders’equity section is divided into . A. contributed capital and retained earnings B. contributed capital and dividend C. preferred stock and common stock D. dividend and stock 34. has voting rights A. preferred stock C. common stock B. stockholder D. distribution 35. has a preference in receiving dividends. A. preferred stock C. common stock B. stockholder D. distribution 36. is the goods that companies sell. A. interest B. income C. inventory D. intangible asset 37. are regarded as long term liabilities. A. unearned revenue C. mortage B. cheque D. bond 38. Which of the following is not a liability? A. accounts payable C. wage payable C. Taxes payable D. Building/land 39. Which of the following is not an Owner’s equity? A. preferred stocks C. inventory B. common stocks D. capital surplus II. MATCHING 40. transactions a. sell for cash 41. accounts b. a building, for example 42. receivable c. sales and expenditures, for example 43. inventory d. money owed to the company 44. fixed asset e. merchandise 45. stock exchange f. place to buy, sell shares of companies ANSWER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

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