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05 Trial Balance and Financial Statements
This quiz is about trial balance, statement of financial performance, gross profit, statement of financial position, current assets and liabilities, owner's equity, and other related accounting terms and calculations.
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A) To calculate the status of the financial orders
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Add RecommendationAdd TagsView All Assigned TagsB) To tally the balance of cash and the bank
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Add RecommendationAdd TagsView All Assigned TagsC) For calculating profit and loss
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Add RecommendationAdd TagsView All Assigned TagsD) For checking the accuracy of ledgers arithmetically
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A) its cash at bank account will show a debit balance.
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Add RecommendationAdd TagsView All Assigned TagsB) its cash at bank account will show a credit balance.
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Add RecommendationAdd TagsView All Assigned TagsC) the cash account debits will exceed the cash account credits.
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Add RecommendationAdd TagsView All Assigned TagsD) it cannot be detected by observing the balance of the cash account.
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A) listing the account titles and their balances.
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Add RecommendationAdd TagsView All Assigned TagsB) totaling the debit and credit columns.
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Add RecommendationAdd TagsView All Assigned TagsC) proving the equality of the two columns.
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Add RecommendationAdd TagsView All Assigned TagsD) transferring journal amounts to ledger accounts
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A) a transaction is not journalized.
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Add RecommendationAdd TagsView All Assigned TagsB) a journal entry is posted twice.
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Add RecommendationAdd TagsView All Assigned TagsC) incorrect accounts are used in journalizing.
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Add RecommendationAdd TagsView All Assigned TagsD) only one entry is made
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A) none
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Add RecommendationAdd TagsView All Assigned TagsB) (i) and (ii) only
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Add RecommendationAdd TagsView All Assigned TagsC) (ii) and (iii) only
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Add RecommendationAdd TagsView All Assigned TagsD) (i) and (iii) only
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A) operating expenses.
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Add RecommendationAdd TagsView All Assigned TagsB) cost of sales.
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Add RecommendationAdd TagsView All Assigned TagsC) profit for the year.
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Add RecommendationAdd TagsView All Assigned TagsD) cost of sales plus operating expenses.
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A) summarizes the changes in capital and drawings accounts for a specific period of time.
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Add RecommendationAdd TagsView All Assigned TagsB) reports the changes in assets, liabilities, and owners’ equity over a period of time.
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Add RecommendationAdd TagsView All Assigned TagsC) reports the assets, liabilities, and owners’ equity at a specific date.
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Add RecommendationAdd TagsView All Assigned TagsD) presents the revenues and expenses for a specific period of time.
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The portion of the financial performance which shows the profit or loss from selling goods is known as the______________ portion.
A) entire
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Add RecommendationAdd TagsView All Assigned TagsB) trading
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Add RecommendationAdd TagsView All Assigned TagsC) Income summary
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Add RecommendationAdd TagsView All Assigned TagsD) none of the above
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On 30 September 2024, Nirvair provided the following information:
How much gross profit did Nirvair earn?
A) $9 240
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Add RecommendationAdd TagsView All Assigned TagsB) $11 860
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Add RecommendationAdd TagsView All Assigned TagsC) $10 550
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Add RecommendationAdd TagsView All Assigned TagsD) $140 480
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Rani Trading earned sales revenue of $314 000 for the financial year ended 31 December 2024. Sales returns amounted to $10 000 in the same year. The cost of sales during the period was $197 000. How much gross profit did Rani Trading earn?
A) $107 000
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Add RecommendationAdd TagsView All Assigned TagsB) $98 500
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Add RecommendationAdd TagsView All Assigned TagsC) $152 000
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Add RecommendationAdd TagsView All Assigned TagsD) $250 500
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A) A report showing the organization's profitability over a period
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Add RecommendationAdd TagsView All Assigned TagsB) A summary of cash inflows and outflows during a specific timeframe
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Add RecommendationAdd TagsView All Assigned TagsC) A snapshot of an organization's financial health at a specific point in time
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Add RecommendationAdd TagsView All Assigned TagsD) A detailed breakdown of expenses and revenue for a year
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A) Trade Receivable
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Add RecommendationAdd TagsView All Assigned TagsB) Trade Payable
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Add RecommendationAdd TagsView All Assigned TagsC) Accumulated Liabilities
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Add RecommendationAdd TagsView All Assigned TagsD) Current Liabilities
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A) realize in cash within one year.
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Add RecommendationAdd TagsView All Assigned TagsB) sell within one year.
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Add RecommendationAdd TagsView All Assigned TagsC) use up within one year.
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Add RecommendationAdd TagsView All Assigned TagsD) acquire within one year.
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A) current asset
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Add RecommendationAdd TagsView All Assigned TagsB) current liability
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Add RecommendationAdd TagsView All Assigned TagsC) non-current asset
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Add RecommendationAdd TagsView All Assigned TagsD) long-term liability
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During 2020, its first year of operations, Neko’s Bakery had revenues of $60 000 and expenses of $35 000. The business had owner’s drawings of $20 000. What is the amount of owner’s equity on 31 December 2024?
A) $0
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Add RecommendationAdd TagsView All Assigned TagsB) $5 000 credit
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Add RecommendationAdd TagsView All Assigned TagsC) $25 000 credit
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Add RecommendationAdd TagsView All Assigned TagsD) $20 000 debit
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Understanding trial balance concepts can be challenging, but with practice and focus, you can improve.
Suggestions for Improvement:
- Take time to review the purpose of a trial balance and practice identifying errors in the financial statements.
- Seeking additional resources or asking for clarification on specific topics can also be beneficial.
Suggestions for Improvement:
- Take time to review the purpose of a trial balance and practice identifying errors in the financial statements.
- Seeking additional resources or asking for clarification on specific topics can also be beneficial.
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Congratulations on passing the quiz! You have a solid foundation in basic accounting principles related to trial balance and financial statements.
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To further enhance your understanding, consider exploring more advanced topics like financial statement adjustments or diving deeper into specific financial statement components.
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Continue to challenge yourself by tackling complex accounting scenarios and exploring real-world applications of these concepts.
Consider seeking opportunities for practical experience or engaging in mock exam papers to further hone your skills.
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