Question:1

A debit entry will:

Select one:

a. Increase an asset

b. Decrease a liability

c. Increase an expense

d. All of the given answers

Question: 2

Goodwill is an intangible. T/F

Question:3

How do you determine what is a reportable segment?

Available options for below statements:

33.33%, 50%, 80%, 20%, 10%, 75%

1)An entity must report separate information about each operating segment where at least one of the following reaches a >10% threshold the assets are >. .. of the total assets.

2)An entity must report separate information about each operating segment where at least one of the following reaches a >10% threshold : * the revenue is >.. .. of the total revenue.

3)The external revenue of reportable segments must be at least......of the total external revenue.

4)An entity must report separate information about each operating segment where at least one of the following reaches a >10% threshold : * the revenue is >........ of the total revenue.

Question 4:

Which side AND witch amount should be the Cash and Cash Equivalent Carried Forward (Closing)?

Cash and cash equivalents

21,000 | 5,000

5.000 | 2.000

7,000 |630

500 |4,000

|1,000

|200

Question:5

Which one is correct:

Select one:

a. Securities can be current and non-current assets as well; it depends on the purpose of purchase.

b. Treasury shares are marketable securities since the Company should resell them as soon as possible.

C. Android software is Tangible since we can physically touch the cell phone (mobile phone).

d. A digging machine will always conceder to be a property, plant, and equipment even if the Company is trading with these types of machinery.

Question:6

Complete the missing data:

Opening inventory: $800

Opening Share Capital: $4800

Purchase (inventory):.....................

Cost of Goods Sold: ($800)

Other expenses: ($800)

Opening Cash and Cash Equivalents: $8500 Closing inventory: $5600

Question:7

Washington Co. has a Treasury shares T-account at the beginning of 2019 (01.01.2019), that can be seen below

Treasary Shares

BF 2,000|

Retained Earnings

|BF 3 000

The Company had the following trial balance at the end of 2019 (31.12.2019):

Note: some of the assets and liabilities not mentioned.

Unpaid dividend: $5400

Cash Equivalents: $6800

Revenues: $4500

Interest income: $400

Dividend income: $200

Cost of Goods Sold: ($2600)

Marchandises: $6200

Share Capital: $38500

Share Premium: $24900

Other Comprehensive income: $700

Calculate the Net profit/Loss amount at the end of 2019 (31.12.2019).

Question:8

Chose the transaction that can affect the SOCIE.

Select one:

a. The Company purchased treasury shares.

b. The Company purchase merchandise by cash.

C. The Company borrows money from a financial institution.

d. The Company purchases some raw-materials on credit.

Question:9

Wyoming Co. has the following list of balances at the end of the year

Revenues: $55,000

Other expenses: ($3,000)

Share Capital: $90,000

Account receivables: $52,300

Cash and Cash Equivalents: $7,600

Cost of Goods Sold: ($26,000)

Interest Income: $600

Long-term loans: $70,500

Which of these items has a debit balance?

Question 10:

What is the basic calculation for Earnings Per Share?

Profit after...............attributable to ordinary.........../.................average number of..........shares outstanding during the period.

Question 11:

The more preferred dividend the company pays, the less EPS ratio would be. T/F

Question 12:

Can you explain the Financial Cash flow, Investing Cash flow, Operating Cash flow and explain the condition when the cash flow is not part of income statement.

Note: Explain the above cash flows with explanations and examples.

Question 13:

the following transactions with the section of the Statement of Cash flows that are affected.

Below statements are given pick following options for them:

a) Financial Cash Flow

b) operating Cash Flow

c) Investing Cash Flow

d) Not part of cash flow

1)The Company purchased additional property for $600 by cash.

2)The Company paid the electricity bills, which was $200.

3)The Company issued 10,000 ordinary shares for cash at $6 for each share. ($1 par value).

4)The Company purchased inventory on credit: $600

5)The Company purchased inventory by cash: $9,600

6)The Company received a long-term loan from a financial institution: $9,900

Question 14:

According to accrual basis accounting all cash promises from costumers considered as revenues, even if they have 60 days to pay. (T/F)

Question 15:

If a Company had:

$3400 Inventory

$6800 Account Payable

($8400) Cost of Goods Sold

$71700 Share Capital

($7300) Retained Earnings

$8400 Revenues

$1800 Dividend income

Then the Company's Net profit/loss would be (amount)?

Question 16:

Which of the following items would not be classified as Cash and Cash Equivalents?

Select one:

a. Shares to sale

b. Check/Cheque

c. Invested financial assets

d. Treasury shares

Question 17:

The unpaid wages/wages payable are usually Long-term liabilities because the Company had more than 160 days to pay them. (T/F)

Question 18:

Write down the double-journal.entries (DR/CR) for the transaction below AND write down, witch section of the Statement of Cashflows is affected.

Sample: DR. (account name) CR. (account name) (amount)

The company issued 10,000 ordinary shares for cash at $6 per share (the par value is $1).

The company purchased property by cash for 2600$.

The company declared divided and amount was 100$.

The company paid the interest expense 900$.

A company received money from issuing shares.

The company paid back 900$ from long term loans.