CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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Accounting Skills Assessment Practice Questions 2023 - Part 20
1. Revenue is generally recognized being earned at the point of time when?
A) Cash is received
B) Billed to customers
C) Production is completed
D) Goods are delivered
2. A financial statement that summarizes company revenue and expenses is?
A) Balance sheet
B) Statement of owner equity
C) Income statement
D) Cash flow statement
3. What is the difference between the total incoming and the total outgoings?
A) Net cash flow
B) Cash inflow
C) Direct cost
D) Indirect cost
4. Which one of the following tangible fixed assets would not normally be depreciated?
A) Buildings
B) Machinery
C) Land
D) Equipment
5. Subtracting all expenses from revenues yields?
A) Net profit/Loss
B) Carrying value
C) Long-term assets
D) Net liabilities
A) Cash is received
B) Billed to customers
C) Production is completed
D) Goods are delivered
2. A financial statement that summarizes company revenue and expenses is?
A) Balance sheet
B) Statement of owner equity
C) Income statement
D) Cash flow statement
3. What is the difference between the total incoming and the total outgoings?
A) Net cash flow
B) Cash inflow
C) Direct cost
D) Indirect cost
4. Which one of the following tangible fixed assets would not normally be depreciated?
A) Buildings
B) Machinery
C) Land
D) Equipment
5. Subtracting all expenses from revenues yields?
A) Net profit/Loss
B) Carrying value
C) Long-term assets
D) Net liabilities
1. Right Answer: B
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: A
Explanation:
4. Right Answer: C
Explanation:
5. Right Answer: A
Explanation:
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: A
Explanation:
4. Right Answer: C
Explanation:
5. Right Answer: A
Explanation:
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