Accounting Quiz-05 (Mixed)

Which account is not maintained using a single-entry system?

"Depreciation" charged on

Net Sales - Gross Profit =?

Which of the following is an example of a "non-cash transaction"?

The financial ratio that measures a company's ability to pay its current liabilities is called the:

The daily book of accounts is

"Accounting" is a

Which one is a direct expense?

The difference between a company's total assets and total liabilities represents the:

"Debit Note" is prepared for

Which is known as the "Roadmap of Financial Statements"?

“Sold used car for $1,000.” Credit will be:

What is the unit of measurement for transactions?

Which accounts will be closed after the fiscal year ends?

What is the first step of the accounting cycle?

A company distributes a portion of its profits to shareholders. This distribution is called a:

A company pays rent for a building upfront for the entire year. This prepaid rent is recorded as a:

The cost of goods sold (COGS) appears on which financial statement?

"Owner's Equity" will increase if

"Bad Debt Reserve" is a

Which of the following is an example of an intangible asset?

Which of the following is an example of current liabilities?

Utilities are not assets and should be recorded as expenditures. According to which principle

What happens if an asset's useful life is extended from ten to twelve years?

"Transaction" is a