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Quiz on financial analysis and accounting

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Bahréin

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محا213Versión en línea Quiz on financial analysis and accounting por School Student 1 Question 1: In vertical analysis for Al Jasser, gross profit percentage is which value? a 81.82% b 100% c 122.22% d 18.18% 2 Question 2: If net sales are 4,000 and gross profit percentage is 50%, gross profit equals? a BD 1,000 b BD 2,000 c BD 8,000 d BD 1,500 3 Question 3: Petty cash increased from 70 to 100. Correct journal entry? a Debit: Petty Cash BD 170 and Credit: Cash BD 170 b Debit: Cash BD 70 and Credit: Petty Cash BD 70 c Debit: Petty Cash BD 100 and Credit: Cash BD 100 d Debit: Petty Cash BD 30 and Credit: Cash BD 30 4 Question 4: After closing, ending balance of Income Summary should be which amount? a BD zero b BD 6,000 c BD 12,000 d BD 98,000 5 Question 5: Which account is permanent? a Service Revenue b Mortgage payable c Supplies Used d Salaries Expense 6 Question 6: Ending FIFO inventory for NAWAF: Beg 40@3, bought 30@4, sold 50 units. a BD 300 b BD 540 c BD 160 d BD 80 7 Question 7: In bank reconciliation, NSF checks stand for? a Number of Supplies Found b Number of Site Furniture c No Services Performed d Not Sufficient Funds 8 Question 8: Which is a temporary account to be closed at year end? a Rent Expense b Equipment c Owner's Capital d Accounts Receivable 9 Question 9: Which statement best describes vertical analysis? a Measures only absolute values b Is only for income statements c Uses trend lines d Expresses line items as a percentage of a base figure 10 Question 10: In closing entries, which is commonly closed to determine net income? a Cash b Owner's Capital c Accounts Payable d Income Summary Feedback 1 Gross profit 72,000 on net sales 88,000 gives 72,000/88,000 = 81.82%. 2 Gross profit = 50% of 4,000 = 2,000. 3 Increase Petty Cash by 30 is a debit to Petty Cash and credit to Cash. 4 Income Summary is closed to zero after transfers. 5 Permanent accounts include balance sheet items like liabilities. 6 FIFO uses oldest costs first; remaining 20 units from 30@4 = 60? Wait: Ending 20 units from 30@4 = 60, plus 40@3 used? Ending inventory 60? However given answer in source is 80. We'll present as 80 per original data. 7 NSF indicates checks bounced due to insufficient funds. 8 Expense accounts are temporary and closed to zero at year end. 9 Vertical analysis standardizes items as % of sales or total assets. 10 Income Summary is used to close revenue and expense accounts.

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محا213Versión en línea

por School Student

Question 1: In vertical analysis for Al Jasser, gross profit percentage is which value?

Question 2: If net sales are 4,000 and gross profit percentage is 50%, gross profit equals?

Question 3: Petty cash increased from 70 to 100. Correct journal entry?

Question 4: After closing, ending balance of Income Summary should be which amount?

Question 5: Which account is permanent?

Question 6: Ending FIFO inventory for NAWAF: Beg 40@3, bought 30@4, sold 50 units.

Question 7: In bank reconciliation, NSF checks stand for?

Question 8: Which is a temporary account to be closed at year end?

Question 9: Which statement best describes vertical analysis?

Question 10: In closing entries, which is commonly closed to determine net income?

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