vu fin621 Final Term - Quiz No.1
vu fin621 Financial Statement Analysis Quiz
This quiz belongs to book/course code vu fin621 Financial Statement Analysis of vu organization. We have 6 quizzes available related to the book/course Financial Statement Analysis. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: Which of the following represents the negative future cash flows for an enterprise?
Assets
Owners equity
Liabilities
Capital
Question 2: Which of the following is deducted from the net income while preparing cash flow statement by indirect method?
Decrease in inventories
Increase in accounts payable
Depreciation
Increase in inventories
Question 3: All of the following accounts would be closed in Income Summery Account EXCEPT:
Commission earned account
Prepaid insurance
Salaries Expense account
Wages account
Question 4: Which of the following expenses would normally be classified as other or Non Operating Expense on a multiple-step income statement?
Interest expense
Depreciation expense
Insurance expense
Salaries expense
Question 5: Which of the following is not true about the Account?
Accounts are only prepared by the business entities
Account always reflects the amount of the single transaction only
Account is effected both by economic and non economic events
All of the given options
Question 6: Which of the following is the largest single expense of most merchandising firms?
Cost of goods sold
Rent Expense
Amortization Expense
Salaries Expense
Question 7: An account that will not be included in After Closing Trial Balance is:
Depreciation account
Bank account
Notes payable account
Unearned revenue account
Question 8: If a company has paid dividends on its preference shares, under which one of the cash flow statement headings would they appear?
Returns on investments and servicing of finance
Financing
Equity dividends paid
Capital investment and financial investment
Question 9: Which of the following account would NOT be closed to the income summary account at the end of a period?
Rent expense
Revenue earned
Wages expense
Accumulated depreciation
Question 10: Which of the following is NOT one of the four basic financial statements?
Balance sheet
Audit report
Income statement
Statement of cash flows
