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General MCQ for Financial Accounting

1. What does AICPA stand for?

2. Which of the following is NOT an asset account?

3. "EBIT" stands for____

4. The quick ratio EXCLUDES which of the following?

5. Each payment on a mortgage note payable consists of:

6. Which of the following statements regarding revenue recognition is FALSE?

7. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:

8. What is the formula for Price Earnings (PE) Ratio?

9. Johnny’s Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000. The net income reported by Johnny’s Car Repair Shop for the year was:

10. Every transaction will affect how many accounts?

11. If ending inventory is overcounted (overstated in value) the following is understated:

12. Typically, increasing interest rates:

13. Choose the correct statement about GAAP.

14. National Auto uses debt, preferred stock, and common stock to finance operations. Calculation of the cost of capital requires identification of the:

15. What is the formula for Interest Coverage Ratio?

16. Which of the following parties is least likely to benefit from risky strategies that increase risk and expected return for a company?

17. What does CFE stand for?

18. Under a debt restructuring involving substantial modification of terms, the future cash flows under the new terms should be discounted using:

19. What is a definition of appropriated retained earnings?

20. A business receives a check from a customer for £256 in full agreed settlement of an account which showed a debit balance of £270. Which of the following entries correctly records this transaction?

21. Regarding bank reconciliation, Adjusting entries are made for which of the following reconciling adjustments?

Financial Accounting MCQs | Topic-wise

MCQ on Basic Financial Accounting General Financial Accounting MCQs
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Financial Accounting Subjects
Basic Financial Accounting MCQs
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Financial Analysis
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Financial Accounting Subjects
Basic Financial Accounting MCQs
More Resources
Financial Accounting MCQ
Financial Accounting Skill Assessment
Financial Accounting PDF
Related MCQs
Financial Analysis
Financial Forecasting
Financial Management
Financial Reporting
Financial Statements
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