Accounting
Direction
From the following questions choose the appropriate answer.
Q. Which of the following is true regarding the Prudence Principle of Accounting?
A) Taking care of future losses.
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B) Taking care of future profit
C) Taking care of bad debts
D) Taking care of inventory
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Q. Which of the following is not an example of a current asset?
A) Cash
B) Accounts receivable
C) Inventory
D) Land
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Discuss
Q. Which of the following is not a type of account?
A) Asset account
B) Liability account
C) Equity account
D) Expense account
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Discuss
Q. Which of the following is not a type of financial statement?
A) Balance sheet
B) Sales statement
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C) Cash flow statement
D) Income statement
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Q. Which financial statement reports a company’s revenues and expenses for a period of time?
A) Comprehensive Income Statement
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B) Statement of Cash Flows
C) Statement of Affairs
D) Statement of Changes in Equity
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Q. Which financial statement reports a company’s assets, liabilities and equity at a specific point in time?
A) Statement of Changes in Equity
B) Income Statement
C) Statement of Affairs
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D) Statement of Cash Flow
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