BSNS115 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED
Manipulation is least likely to occur in which financial statement?
a. The statement of cash flows
which of the following found in the income statement?
Sales revenue
which of the following is an asset?
Accounts payable
which of the following is not a business transaction?
Recruiting a new employee who is yet to start
an owner invests $70,000 to expand the business. As a result, this transaction
will:
increase equity
when a business repays their bank loan, this:
decreases assets and liabilities
which of the following statements about the balance sheet are false?
It shows the cash received and paid for a financial period
which of the following statements about accumulated depreciation is true?
It reflects the total amount of depreciation incurred on an asset
buying a new factory is classified as which activity in the Cash Flow Statement:
investing
, Which of the following would be a warning sign in the statement of cash flows?
cash from customers is less than cash paid to suppliers
which of the following is true?
Depreciation spreads the cost of an asset over its useful life
'income has been earned, but the cash is yet to be received' is an example of:
accrued income
which of the following assets would not be depreciated?
Land
Hamilton ltd has assets of $250,000 and equity of $100,000. The liabilities must
therefore be:
150,000
'A resource controlled by the entity as a result of a past transaction, from which
future economic benefits are expected to be received' is the definition of:
Asset
Gardening Co. invoices M. Jeffreys $1,800 for landscaping services supplied to
him on credit. How does this affect the accounting equation for Gardening Co?
Accounts receivable will increase by $1800, and profit will increase by $1800 to record
the income earned
if the cash account decreases and the profit figures decreases, the transaction
that occurred must have been a:
Payment of an electricity bill
just Jandals has a loan of $250,000. Their balance day is 31 May 2019, and there
is a loan payment due of $10,000 on the 31st of July 2019. How should the
COMPLETE SOLUTIONS VERIFIED
Manipulation is least likely to occur in which financial statement?
a. The statement of cash flows
which of the following found in the income statement?
Sales revenue
which of the following is an asset?
Accounts payable
which of the following is not a business transaction?
Recruiting a new employee who is yet to start
an owner invests $70,000 to expand the business. As a result, this transaction
will:
increase equity
when a business repays their bank loan, this:
decreases assets and liabilities
which of the following statements about the balance sheet are false?
It shows the cash received and paid for a financial period
which of the following statements about accumulated depreciation is true?
It reflects the total amount of depreciation incurred on an asset
buying a new factory is classified as which activity in the Cash Flow Statement:
investing
, Which of the following would be a warning sign in the statement of cash flows?
cash from customers is less than cash paid to suppliers
which of the following is true?
Depreciation spreads the cost of an asset over its useful life
'income has been earned, but the cash is yet to be received' is an example of:
accrued income
which of the following assets would not be depreciated?
Land
Hamilton ltd has assets of $250,000 and equity of $100,000. The liabilities must
therefore be:
150,000
'A resource controlled by the entity as a result of a past transaction, from which
future economic benefits are expected to be received' is the definition of:
Asset
Gardening Co. invoices M. Jeffreys $1,800 for landscaping services supplied to
him on credit. How does this affect the accounting equation for Gardening Co?
Accounts receivable will increase by $1800, and profit will increase by $1800 to record
the income earned
if the cash account decreases and the profit figures decreases, the transaction
that occurred must have been a:
Payment of an electricity bill
just Jandals has a loan of $250,000. Their balance day is 31 May 2019, and there
is a loan payment due of $10,000 on the 31st of July 2019. How should the
