Saturday, January 4, 2020

Accounting Quiz - 1060 Words

Chapter 02 Student Revision Quiz 1. According to Australian Accounting Standards (AAS), assets are carried on the financial statements at the higher of current market value or historical cost. | True | | False | The Australian Accounting Standards state the assets are to be carried on the books (recorded) at what the firm paid for them. 2. Suppose KLM Inc. just received a patent on a new anti-cholesterol drug. This patent is an intangible fixed asset. | True | | False | Patents are intangible fixed assets. 3. A non-cash item is an expense charged against revenues that does not directly affect the cash flow. | True | | False | Accounting income differs from cash flow as it includes non-cash items†¦show more content†¦11. Accounts payable is recorded as part of: | long-term debt | | short-term asset | | owners equity | | fixed liabilities | | short-term debt | Accounts payable is a short-term debt or liability (due in less than 12 months). 2. Which one of the following statements is correct? | Cash flow from assets is equal to cash flow to creditors minus cash flow to stockholders. | | Net working capital is equal to current liabilities minus current assets. | | Additions to net working capital are equal to ending net working capital minus beginning net working capital plus depreciation. | | Shareholders equity is equal to total assets plus total liabilities. | | Operating cash flow is equal to EBIT plus depreciation minus taxes. | Shareholders equity is equal to total assets minus total liabilities. Net working capital is equal to current assets minus current liabilities. Cash flow from assets is equal to cash flow to creditors plus cash flow to stockholders. Depreciation is not a part of the additions to net working capital. 13. Use the following tax table to answer this question. Taxable income | Tax rate | $0-6 000 | Nil | 6 001-25 000 | 15% | 25 001-75 000 | 30% | 75 001-150 000 | 40% | Pools Inc. has taxable income of $77 000 for the year. Which one of the following statements is correct concerning Pools taxShow MoreRelatedAccounting Quiz1222 Words   |  5 Pageseconomic event recorded by the financial information system. TRUE 3. Accounting communicates financial information about a company to both internal and external users. TRUE 4. Financial statements are the major means of communicating accounting information to interested parties. TRUE 5. The study of introductory accounting is relevant only to those who intend to pursue a career in professional accounting. FALSE 6. Ethical dilemmas can be analyzed by applying a processRead MoreQuiz for Accounting1525 Words   |  7 PagesChapter 4 1.  Today, you turn 21. Your birthday wish is that you will be a millionaire by your 40th birthday. 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