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Home  arrow Student Resources  arrow PART 1: Accounting Theory: An overview  arrow Multiple choice questions

Multiple choice questions

Try the multiple choice questions below to test your knowledge of the sections of the book indicated below. Once you have completed the test, click on 'Submit Answers for Grading' to get your results.

This first set of multiple choice questions covers:



This activity contains 17 questions.

Question 1.
In which year was the Limited Liability Act passed?

 
End of Question 1


Question 2.
Which of the following balance sheet equations is wrong?

 
End of Question 2


Question 3.
Which of the following is not an asset?

 
End of Question 3


Question 4.
Which of the following is not a liability?

 
End of Question 4


Question 5.
Which of the following is not an expense?

 
End of Question 5


Question 6.
Which of the following is not a debit balance?

 
End of Question 6


Question 7.
Which of the following is not a credit balance?

 
End of Question 7


Question 8.
FRS 18 emphasized 4 accounting concepts; which 4 were they?

 
End of Question 8


Question 9.
Which of the following source books will not be required in a 'cash' business?

 
End of Question 9


Question 10.
Calculate David Marks' opening capital given the following assets and liabilities: Non-current Assets £60000, Inventory £10000, Bank Balance in hand £5000, Loan from Father £8000 and Bank Loan for Non-current Assets £20000. Is it:

 
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Question 11.
Is an error of omission:

 
End of Question 11


Question 12.
Is an error of principle:

 
End of Question 12


Question 13.
Which EC directive standardized the form of accounts to which financial reports for external users must conform?

 
End of Question 13


Question 14.
Which of the following would not be found on a standardized income statement?

 
End of Question 14


Question 15.
Which of the following would not be found on a standardized income statement?

 
End of Question 15


Question 16.
Which of the following would not be found on a standardized balance sheet?

 
End of Question 16


Question 17.
Which of the following would not be found on a standardized balance sheet?

 
End of Question 17





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