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[vu-students] fin 622 current quiz solved by Afaaq

 

 

FIN621 - Financial Statement Analysis

Quiz # 02

Solved By Afaaq

Afaaq_tariq@yahoo.com

 

 

 

 

Question # 1 of 15 ( Start time: 05:29:51 PM )  Total Marks: 1 

How the transactions in a journal are initially recorded? 

Select correct option: 

 

 Alphabetical order

 Ascending order

 Chronological order

 Alphanumeric order

 

 

 

Question # 2 of 15 ( Start time: 05:30:13 PM )  Total Marks: 1 

Which one of the following is the part of the income statement? 

Select correct option: 

 

 Capital

 Accounts receivables

 Advertising expenses

 Accounts payable

 

 

Question # 3 of 15 ( Start time: 05:30:38 PM )  Total Marks: 1 

Cash flow relating to investing activity must include all of the following transaction except: 

Select correct option: 

 

 Purchase of intangible asset

 

 Receipt of the principle amount of loan

 

 Purchase of treasury bills

 

 Payments made to creditors

 

Question # 4 of 15 ( Start time: 05:31:50 PM )  Total Marks: 1 

Identifying that which two or more Accounts are affected by a particular financial transaction refers to which of the following? 

Select correct option: 

 

 Analyzing the transaction

 

 Recording a transaction

 

 Vouchering a transaction

 

 Posting a transaction

 

 

Question # 5 of 15 ( Start time: 05:32:04 PM )  Total Marks: 1 

The financial statement that captures both the current operating result and the associated changes in the statement of financial position is: 

Select correct option: 

 

 Statement of retained earnings

 Statement of financial position

 

 Statement of cash flows

 

 Statement of changes in equity

 

 

 

Question # 6 of 15 ( Start time: 05:32:16 PM )  Total Marks: 1 

Cash flow statement can be described as: 

Select correct option: 

 

 A statement of business revenues and expenses

 

 A statement of cash and cash equivalents

 

 A statement of cash receipts and payments of given period 

 A statement of uses and sources of funds

 

 

Question # 7 of 15 ( Start time: 05:32:49 PM )  Total Marks: 1 

How many basic types of adjusting entries are there? 

Select correct option: 

 

 Two types

 Three types 

 Four types

 Ten types

 

 

 

Question # 8 of 15 ( Start time: 05:33:04 PM )  Total Marks: 1 

Which of the following section of cash flow statement shows the cash effects of those transactions reported in the income statement? 

Select correct option: 

 

 Cash flow from investing activities

 Cash flow from financing activities

 Cash flow from operating activities

 All parts show effects of different transactions of income statement 

 

 

 

Question # 9 of 15 ( Start time: 05:33:16 PM )  Total Marks: 1 

The definition of cash as used in "Cash Flow Statements" includes: 

Select correct option: 

 

 Only cash balances

 Only bank balances

 Bank balances and bank overdrafts

 Cash in hand plus bank balances less bank overdrafts

 

 

Question # 10 of 15 ( Start time: 05:33:31 PM )  Total Marks: 1 

Company XYZ purchases Machinery on credit; Journal entry would be: 

Select correct option: 

 

 Accounts Payable debit; Machinery Credit

 Accounts Receivable debit; Machinery Credit 

 Machinery Debit; Accounts Payable credit

 

 Machinery Debit; Accounts Receivable credit

 

 

 

 

Question # 11 of 15 ( Start time: 05:33:51 PM )  Total Marks: 1 

Transferring debits and credits from journal to ledger account known as: 

Select correct option: 

 

 Posting

 Classification

 Ledgerlizing

 All of the given option

 

 

Question # 12 of 15 ( Start time: 05:34:03 PM )  Total Marks: 1 

Which of the following is a special temporary account used to close all of the revenue and expense accounts? 

Select correct option: 

 

 Close-out Summary

 Owner's Capital

 Income Summary

 Temporary Summary

 

 

Question # 13 of 15 ( Start time: 05:34:14 PM )  Total Marks: 1 

Which of the following is NOT one of the four basic financial statements? 

Select correct option: 

 

 Balance sheet 

 Audit report 

 Income statement 

 Statement of cash flows

 

 

 

Question # 14 of 15 ( Start time: 05:34:28 PM )  Total Marks: 1 

Which of the following is the first step of the accounting cycle? 

Select correct option: 

 

 Making adjusting entries

 Preparation of the financial statements

 Posting in the ledger accounts

 Analyze and journalize transactions as they occur

 

Question # 15 of 15 ( Start time: 05:34:40 PM )  Total Marks: 1 

The cash flow from investing activities shows the cash effects of which of the following? 

Select correct option: 

 

 Income statement items

 Long term assets items

 Long term liability & stockholder's equity

 Long term liability and long term assets

 

Remember Me In Your Prayers
Best regard's
Muhammad Afaaq
MBA 4th (Final Semester) Finance Group
Afaaq_Tariq@yahoo.com
Islamabad
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