Survey

Under the accrual basis of accounting, revenues are reported in the accounting period when the

Service Or Goods Have Been Delivered

Cash Is Paid

Both the Above

None of the Above

Assets are usually reported on the balance sheet at which amount?

Cost

Expected Selling Price

Current Market Value

All of the Above

What is a Chart of Account?

Account categories to park my expenses

Account categories to park my revenue

Account categories to park my equity, assets and liabilities

All of the above

For an invoice on 10 October 2018 to Customer A with Payment Term Net 30 Days, and Customer B with Payment Term End of Month 30 Days, their Due Dates are:

Customer A: 30 November 2018; Customer B: 30 November 2018

Customer A: 9 November 2018; Customer B: 30 November 2018

Customer A: 30 November 2018; Customer B: 9 November 2018

Customer A: 9 November 2018; Customer B: 9 November 2018

What is the purpose of Credit Note?

For Discount Purposes

For Invoices Amendments

Stocks Return

All of the Above

The second year depreciation expense for a motor vehicle with cost of $500,000 is:

$500,000

Depreciation of Year 1 + Year 2 (Accumulated Depreciation)

Depreciation of Year 2 only

Depreciation of Year 1 if it is higher

I buy a scanning machine at cost $10,000, I sell it at $25,000; my margin is:

$25,000-$10,000 then divide by $25,000

$25,000-$10,000 then divide by $10,000

$10,000 divide by $25,000

$25,000 divide by $10,000

How can I make my Accounts Payable/ Creditor become Zero?

Pay my Creditors

Get my Creditors to pay me

Pay my Customer

Get my Customer to pay me

Which of the statement below is correct

Statement of Profit and Loss (PNL) will roll over to next Financial Year

Statement of Profit and Loss (PNL) contains Assets, Revenue, and Expenses

Cost of Goods Sold and Administrative Expenses are the example of Direct Costs

Statement of Financial Position (Balance Sheet) will roll over to next Financial Year

Which of the following would not be a current asset?

Land

Prepayments

Account Receivables/Debtors

Inventory

What is Project Accounting?

To analyze project revenue related to the project only

To analyze project revenue and project direct cost related to the project only

To analyze project revenue, project direct cost, project acquisition cost and all other costs related to the project

None of the above

I must not cancel a customer invoice because:

Because my invoice list will become messy

Because my customer might have already captured the invoice in their system

Because my customer usually prefer not to cancel an invoice

Because it might create income tax reporting issue

Which statement as below is correct?

Credit Expense when Expenses increases

Debit Liability when Liability increases

Credit Revenue when Revenue increases

Credit Debtors when Debtor increases

Debit Creditors when Creditors increases

I buy a scanning machine at cost $10,000, I sell it at $25,000; my markup is: