1.
The statement that portrays finacial position of the entity is:
2.
Additional information
Assuming that assets decreased by $52,000 and liabilities increased by $24,000 during 2020, use the accounting equation to calculate equity at the end of 2020.
(Enter your answer as a whole number. Don't use a decimal.)
3.
Cash received from P. Brown (a debtor) was posted in error to the account of R. Brown. The correcting entries for this would be:
4.
Charging the purchase of a Fixed Asset to the Purchases Account will result in:
6.
Overstating an Accrual as at the year-end would:
7.
Which one of the following would never be shown in the Balance Sheet?
9.
If the Owner’s Capital amounted to 100,000Rwf, Long Term Loans to 50,000Rwf and Drawings to 7,000Rwf and the Balance Sheet Total was 200,000Rwf, the Net Profit for the year was:
10.
The Current Ratio differs from the Acid Test Ratio because:
11.
You purchased inventory from your vendor and paid cash. The accounts affected are the inventory account and the cash account. In your journal entry, which account would you debit?
12.
Treating motor expenses of 5,000 as the purchase of a new car would:
13.
Accounts payable would be an example of what kind of account?
14.
Cash received this year from a debtor whose account was totally written off last year should be treated as:
15.
The credit column in a trial balance contains only balances on:
16.
An owner invests $1000 in the company. This transaction impacted the checking account and the owner’s equity account. In your journal entry, which account do you credit?
17.
A Current Asset is one which:
18.
The proceeds from the sale of a fixed asset are debited back to:
19.
A basic rule of double-entry bookkeeping is:
20.
The company pays off the credit card bill. This transaction impacts the accounts payable and the cash accounts. In your journal entry, which account do you credit?
03/04/2025
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the exam was medium
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the exam was somehow on fundamental accounting only
the test was a little difficult
Where can we get corrections for the questions we fail