Accounting Quiz-05 (Mixed)

Net Sales - Gross Profit =?

"Owner's Equity" will increase if

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

"Accounting" is a

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

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

"Debit Note" is prepared for

What is the first step of the accounting cycle?

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

Which of the following is an example of current liabilities?

Which accounts will be closed after the fiscal year ends?

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

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

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

Which one is a direct expense?

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

"Bad Debt Reserve" is a

"Depreciation" charged on

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

What is the unit of measurement for transactions?

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

The daily book of accounts is

"Transaction" is a

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

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