- 1. it's summarizes a company's revenue and expenses over a specific period
A) income statement
B) gross profit
C) operating expenses
- 2. are formal reports that summarized a company is financial activities and performance
A) balance sheet
B) financial statement
C) financial analysis
- 3. it is a financial statement that provides a snapshot of a company financial position at a specific point in time
A) income statement
B) balance sheet
C) Asset
- 4. are you free to everything company owns or control that has economic value
A) liability
B) owner equity
C) asset
- 5. represents shares of the company's own stock that have been repurchased from shareholders but not retired.
A) shareholders
B) treasury stock
C) supplies
- 6. It reflects the portion of profits that have been retained and reinvested back into the business for growth and expansion.
A) share capital
B) additional paid-in capital
C) retained earnings
- 7. Also known as contributed capital or capital surplus, this account records the amount of capital received by the company from shareholders in excess of the par value or stated value of the shares issued.
A) additional paid-in capital
B) Preference Share/Preferred Stock
C) Capital stock or Share Capital
- 8. It represents additional capital raised by the company through the issuance of preferred shares.
A) equity
B) additional paid-in capital
C) Preference Share/Preferred Stock
- 9. It reflects the initial capital contributed by shareholders to establish the business.
A) Ordinary Share/Common Stock
B) Preference Share/Preferred Stock
C) Capital stock or Share Capital
- 10. It represents contributions from stockholders gathered through the issuance of stocks.
A) Capital stock or Share Capital
B) partners’ equity
C) stockholder’s equity or shareholder’s equity
- 11. For sole proprietorship's, it is known as
A) owner’s equity
B) Capital stock or Share Capital
C) stockholder’s equity or shareholder’s equity
- 12. For partnerships, it is called
A) partners’ equity
B) partnership
C) mortgage payable
- 13. For corporations, specifically stock corporations, it is known as
A) non-current liabilities
B) stockholder’s equity or shareholder’s equity
C) all of thse
- 14. also known as shareholders' equity or net assets, represents the residual interest in the company's assets after deducting liabilities
A) stockholder’s equity or shareholder’s equity
B) Owner’s Equity
C) non-current liabilities
- 15. Long-term debt securities issued by the company with fixed repayment terms and interest rates.
A) none of these
B) Bonds Payable
C) mortgage payable
- 16. long-term obligation to a bank or other financial institution, secured by real properties of the business.
- 17. Borrowings that are not due for repayment within the next year, typically with maturities extending beyond one year.
A) non-current liabilities
B) mortgage payable
C) long term loans
- 18. It refers to financial obligations in a company's balance sheet that are not expected to be paid within one year.
- 19. Loans with a repayment term of less than one year.
A) unearned revenue
B) short-term loans
C) long-term investments
- 20. represent the portion of a company's debts that will not require immediate payment and are typically managed over an extended period.
A) non-current liabilities
B) long-term investments
C) notes payable
- 21. Loans with a repayment term of less than one year.
A) accrued expenses
B) long term loans
C) short-term loans
- 22. Expenses that have been incurred but not yet paid, such as wages, utilities, or taxes.
A) long-term investments
B) accrued expenses
C) current liabilities
- 23. Revenue received in advance for goods or services that have not yet been delivered or earned.
A) retained earnings
B) unearned revenue
C) all of these
- 24. Promissory notes or loans that are due for repayment within one year.
A) accounts receivables
B) notes payable
C) accrued expenses
- 25. Amounts owed to suppliers or vendors for goods or services purchased on credit.
A) current liabilities
B) unearned revenue
C) accounts payable
- 26. It refers to an obligations that are due and payable within a short period, typically within one year or the operating cycle of the business, whichever is longer.
A) current liabilities
B) liabilities
C) assets
- 27. It refers to a financial obligation that a person or company owes to another entity.
A) liabilities
B) long-term investments
- 28. These are investments in securities with a maturity date of more than one year, such as bonds or stocks held for future income or potential sale.
- 29. includes tangible assets such as land, buildings, machinery, and vehicles used in the production of goods or services.
A) operating expenses
B) intangible assets
C) property,plant & equipment
- 30. are non-physical assets with no intrinsic value, such as patents, trademarks, copyrights, and goodwill.
A) intangible assets
B) none of these
C) current liabilities
- 31. It represents claims from other parties such as: Rent Receivable, Interest Receivable, Dividend Receivable, etc.
A) other receivables
B) all of these
C) intangible assets
- 32. It represent revenue earned but not yet received or recorded at the end of the accounting period.
A) ewan ba
B) accrued revenues
C) income statements
- 33. represent amounts owed to the company by customers but are formalized through promissory notes.
A) notes payable
B) notes recievable
- 34. represent payments made in advance for goods or services that will be received in the future, such as insurance premiums or rent.
A) operating expenses
B) prepaid expenses
- 35. These are investments in securities with a maturity date of greater than three months but less than one year, such as marketable securities.
A) long term loans
B) short-term investments
- 36. consists of goods held by the company for sale or raw materials and work-in-progress used in the production process.
A) assets
B) cash equivalents
C) inventory
- 37. This represents amounts owed to the company by customers for goods or services provided on credit.
A) cash equivalents
B) accounts receivables
C) intangible assets
- 38. It consists of un-deposited collections.
A) short-term cash funds
B) cash on hand
C) cash in bank
- 39. made up of bank accounts that are unrestricted as to withdrawal.
A) short-term cash funds
B) cash in bank
C) cash on hand
- 40. Petty Cash Fund, Payroll Fund, Tax Fund.
A) revenue
B) cash equivalents
C) short-term cash funds
- 41. are short-term investments with very near maturity dates making them assets that are “as good as cash”. E.g. undeposited checks, treasury bills and commercial paper
A) revenue
B) short-term cash funds
C) cash equivalents
- 42. Income generated from the sale of goods or services, representing the top line of the statement.
A) revenue
B) income
C) profit
- 43. Direct costs associated with producing the goods or service sold.
A) cost of goods sold
B) cash
C) revenue
- 44. It indicates the company’s profit before accounting for operating expenses.
A) income before taxes
B) operating expenses
C) gross profit
- 45. Cost incurred in running day-to-day operations of the business.
A) operating expenses
B) operating fund
C) cash
- 46. Cost paid or to be paid to a lessor for the right to use a commercial property such as an office space, a storeroom, a building, etc.
A) operating expenses
B) rent expense
C) land expenses
- 47. Costs of promoting the business such as those incurred in newspaper publications, television and radio broadcasts, billboards, flyers, etc.
A) advertising expenses
B) ads monitor
C) advertesing expenseses
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