Ian McIsaac

Financial Training and Consultancy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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6

FINANCIAL QUIZ

     
   
No. Question Answer
1 The area of accounting concerned with the point at which turnover is realised in the profit and loss statement is…..  
2 Net sales minus the cost of sales is…  
3 That part of the profits of a company that is distributed to the shareholders in proportion to the number of shares that they hold is…  
4 Two methods of depreciating assets are..  
5 Recognition of revenues or expenses when earned or incurred, without regard to the actual time of the cash transaction is called…  
6 What are the names given to the expenditure that is written off to the P & L and the expenditure included on the balance sheet as a fixed asset?  
7 The STRGL in an annual report stands for…..  
8 An asset that is in the form of cash or that is expected to be converted into cash in the next 12 months is…  
9 Assets having an underlying physical substance are…  
10 A company in which another company owns between 20 and 50% of the equity shares and has a significant influence over its commercial decisions is…..  
11 The intangible assets of a firm, calculated as the excess purchase price paid over book value are…  
12 The gradual planned reduction in value of a non-tangible asset is…  
13 Money received, or due to, a company but not yet earned is….  
14 The current assets of the firm minus the current liabilities of the firm is called…  
15 The type of lease that substantially transfers the risks and rewards of ownership to the lessee is…..  
16 Statements issued by legally separate
companies that show the financial position and income as they would appear if the companies were one economic entity is called…
 
17 The relationship between the liabilities of a company and its equity finance is known as…..  
18 A possible obligation arising from past events whose existence will only be confirmed by one or more uncertain events that are not wholly within the company’s control are….  
   

   

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