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Question: What is the effect of a sales return on the accounting equation?Options: Increase Assets, ..
Question: Which of the following is a component of the balance sheet?Options: RevenueExpensesAssetsD..
Question: What is the effect of a purchase return on the accounting equation?Options: Increases asse..
Question: Which inventory valuation method is most commonly used in practice?Options: FIFOLIFOWeight..
Question: What is the journal entry for writing off an uncollectible account?Options: Debit Bad Debt..
Question: Which of the following is a component of the final accounts?Options: Trial BalanceBalance ..
Question: Which inventory valuation method is most likely to result in lower taxes during periods of..
Question: Which inventory valuation method is most commonly used for tax purposes?Options: FIFOLIFOW..
Question: What is the effect of a depreciation expense on the financial statements?Options: Increase..
Question: What accounting standard governs the recognition of revenue?Options: IAS 1IFRS 15IAS 2IFRS..
Question: Under which accounting method is inventory valued at the most recent purchase price?Option..
Question: Which of the following is an example of a current liability?Options: Long-term debtAccount..
Question: What is the double-entry accounting principle?Options: Every transaction affects only one ..
Question: What is the effect of a purchase of inventory on the accounting equation?Options: Increase..
Question: What is the primary purpose of financial statement analysis?Options: To prepare tax return..
Question: Which of the following accounts would be closed at the end of the accounting period?Option..
Question: According to accounting standards, which of the following is a qualitative characteristic ..
Question: What is the significance of the trial balance in the preparation of final accounts?Options..
Question: Which of the following is a common adjustment made in the final accounts?Options: Prepaid ..
Question: What is the effect of not recording accrued expenses in the final accounts?Options: Overst..
Question: When preparing final accounts, which of the following is considered a current liability?Op..
Question: If the trial balance shows total debits of $100,000 and total credits of $95,000, what is ..
Question: What is the journal entry for recording a credit sale of $2,000?Options: Debit Accounts Re..
Question: If a sole trader purchases equipment for $5,000 and expects it to last 5 years with no sal..
Question: What is the effect of an overstatement of closing inventory on the profit for the year?Opt..
Question: If the closing inventory is valued at $10,000 and the cost of goods sold is $40,000, what ..
Question: What is the journal entry for recording depreciation expense of $500?Options: Debit Deprec..
Question: If a sole trader has total assets of $50,000 and total liabilities of $30,000, what is the..
Question: What is the journal entry for recording a cash sale of $1,000?Options: Debit Cash $1,000, ..
Question: What is the journal entry for recording accrued expenses at the end of the accounting peri..
