- 1. it's summarizes a company's revenue and expenses over a specific period
A) gross profit
B) operating expenses
C) income statement
- 2. are formal reports that summarized a company is financial activities and performance
A) financial analysis
B) balance sheet
C) financial statement
- 3. it is a financial statement that provides a snapshot of a company financial position at a specific point in time
A) balance sheet
B) Asset
C) income statement
- 4. are you free to everything company owns or control that has economic value
A) asset
B) liability
C) owner equity
- 5. represents shares of the company's own stock that have been repurchased from shareholders but not retired.
A) supplies
B) treasury stock
C) shareholders
- 6. It reflects the portion of profits that have been retained and reinvested back into the business for growth and expansion.
A) retained earnings
B) share capital
C) additional paid-in capital
- 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) Capital stock or Share Capital
B) additional paid-in capital
C) Preference Share/Preferred Stock
- 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) Preference Share/Preferred Stock
B) Capital stock or Share Capital
C) Ordinary Share/Common Stock
- 10. It represents contributions from stockholders gathered through the issuance of stocks.
A) Capital stock or Share Capital
B) stockholder’s equity or shareholder’s equity
C) partners’ equity
- 11. For sole proprietorship's, it is known as
A) stockholder’s equity or shareholder’s equity
B) Capital stock or Share Capital
C) owner’s equity
- 12. For partnerships, it is called
A) mortgage payable
B) partnership
C) partners’ equity
- 13. For corporations, specifically stock corporations, it is known as
A) stockholder’s equity or shareholder’s equity
B) all of thse
C) non-current liabilities
- 14. also known as shareholders' equity or net assets, represents the residual interest in the company's assets after deducting liabilities
A) non-current liabilities
B) Owner’s Equity
C) stockholder’s equity or shareholder’s equity
- 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) long term loans
C) mortgage payable
- 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) short-term loans
B) long-term investments
C) unearned revenue
- 20. represent the portion of a company's debts that will not require immediate payment and are typically managed over an extended period.
A) long-term investments
B) non-current liabilities
C) notes payable
- 21. Loans with a repayment term of less than one year.
A) short-term loans
B) accrued expenses
C) long term loans
- 22. Expenses that have been incurred but not yet paid, such as wages, utilities, or taxes.
A) long-term investments
B) current liabilities
C) accrued expenses
- 23. Revenue received in advance for goods or services that have not yet been delivered or earned.
A) unearned revenue
B) all of these
C) retained earnings
- 24. Promissory notes or loans that are due for repayment within one year.
A) accounts receivables
B) accrued expenses
C) notes payable
- 25. Amounts owed to suppliers or vendors for goods or services purchased on credit.
A) unearned revenue
B) current liabilities
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) assets
B) liabilities
C) current liabilities
- 27. It refers to a financial obligation that a person or company owes to another entity.
A) long-term investments
B) liabilities
- 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) property,plant & equipment
B) operating expenses
C) intangible assets
- 30. are non-physical assets with no intrinsic value, such as patents, trademarks, copyrights, and goodwill.
A) none of these
B) intangible assets
C) current liabilities
- 31. It represents claims from other parties such as: Rent Receivable, Interest Receivable, Dividend Receivable, etc.
A) intangible assets
B) other receivables
C) all of these
- 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) short-term investments
B) long term loans
- 36. consists of goods held by the company for sale or raw materials and work-in-progress used in the production process.
A) inventory
B) assets
C) cash equivalents
- 37. This represents amounts owed to the company by customers for goods or services provided on credit.
A) cash equivalents
B) intangible assets
C) accounts receivables
- 38. It consists of un-deposited collections.
A) cash in bank
B) short-term cash funds
C) cash on hand
- 39. made up of bank accounts that are unrestricted as to withdrawal.
A) cash on hand
B) cash in bank
C) short-term cash funds
- 40. Petty Cash Fund, Payroll Fund, Tax Fund.
A) cash equivalents
B) revenue
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) cash equivalents
B) revenue
C) short-term cash funds
- 42. Income generated from the sale of goods or services, representing the top line of the statement.
A) income
B) revenue
C) profit
- 43. Direct costs associated with producing the goods or service sold.
A) revenue
B) cash
C) cost of goods sold
- 44. It indicates the company’s profit before accounting for operating expenses.
A) income before taxes
B) gross profit
C) operating expenses
- 45. Cost incurred in running day-to-day operations of the business.
A) cash
B) operating fund
C) operating expenses
- 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) advertesing expenseses
B) ads monitor
C) advertising expenses
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