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Which of the following principle provides the definite and factual basis for assets valuation?  
Select correct option:  
 
 Stable Currency principle 
 Objectivity Principle 
 Matching Principle 
 Cost Principle 
 

     
 
Journal entries are done at the end of the accounting period for which type of accounts?  
Select correct option:  
 
 Assets and liabilities 
 Office supplies and office equipment 
 Raw material and office supplies 
 Depreciation and expenses 
 

     
 
Which of the following may include the “analyzing the transaction” the first step of the accounting cycle?  
Select correct option:  
 
 Determining the transaction amount 
 Determining the effected accounts 
 Identifying the event as a transaction
 All of the given options 
 

     
 
Which of the following represents the resources owned by a business?  
Select correct option:  
 
 Liabilities 
 Owner’s Equity 
 Assets 
 Revenue 
 

     
 
Cash flow relating to investing activities does NOT present the cash effects of which of the following?  
Select correct option:  
 
 Plant assets 
 Intangible assets 
 Investments 
 Debt financing 
 

     
 
Assets of the business are valued and recorded at cost in the financial statement as these are not for resale purposes, according to which of the following?  
Select correct option:  
 
 Going concern assumption 
 Cost Principle 
 Separate entity principle
 Objectivity principle
 
 
Which of the following principle states that the assets are purchased for the use and not for resale purpose?  
Select correct option:  
 
 Stable Currency principle 
 Objectivity Principle 
 Going-concern principle  
 Cost Principle 
 

     
 
Which of the following account will appear in the post-closing trial balance?  
Select correct option:  
 
 Owner’s Capital 
 Service Fees Earned 
 Income Summary 
 Owner’s Withdrawals 
 

     
 
Which of the following financial statement is based on accounting equation?  
Select correct option:  
 
 Income Statement 
 Statement of Cash Flow 
 Balance Sheet 
 Statement of retained earnings 
 

     
 
The users of a statement of cash flows usually are interested in:  
Select correct option:  
 
 Net cash flow from operating activities 
 Net cash flow from investing activities 
 Net cash flow from financing activities 
 Net cash flow from non-cash transactions 
 

     
 
Which of the following items are included in the financing activities section of the statement of cash flows?  
Select correct option:  
 
 Cash effects of transactions involving making and collecting loans 
 Cash effects of acquiring and disposing of investments and property, plant, and equipment 
 Cash effects of transactions obtaining resources from owners and providing them with a return on their investment 
 Cash effects of transactions that enter into the determination of net income 
 

     
 
Which of the following people and groups are NOT interested in cash flow statements of a company?  
Select correct option:  
 
 Accounting personnel 
 Potential customers 
 Potential creditors  
 Potential employees  
 

     
 
How the transactions in a journal are initially recorded?  
Select correct option:  
 
 Alphabetical order 
 Ascending order 
 Chronological order 
 Alphanumeric order 
 

     
 
In which of the following account, a credit balance would be an evidence for a mistake or an error?  
Select correct option:  
 
 Mr. A Capital Account
 Cash account 
 Notes payable account 
 Drawings account 
 

     
 
Transferring debits and credits from journal to ledger account known as:  
Select correct option:  
 
 Posting 
 Classification 
 Ledgerlizing 
 All of the given option 
 

     
 


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