1) Choose the correct type of account: Salary expense a) assets account b) liabilities account c) expenses account 2) Choose the correct type of account: Buildings and lands a) revenues account b) assets account c) capital account 3) Choose the correct type of account: cash a) assets account b) capital account c) liabilities account 4) Account to be debited, means... a) money is taken out of the account b) money is added into the account 5) Which of the following is known as balance sheet accounts? a) Revenues Account b) Expenses Account c) Capital Account 6) Which of the following is known as real accounts? a) Liabilities account b) assets account c) capital account 7) Which of the following is known as nominal accounts? a) assets account b) revenues account c) capital account 8) Give the name of the document for the following transaction: John sold 2 laptops and receives PLN 5,000 in cash. a) invoice b) Cash register receipt (CS) c) Cash report (CR) 9) Give the name of the document for the following transaction: Anne gets the bank transfer from Will in the amount of PLN 10,000. a) Invoice b) Transfer note c) Bank statement ( receipt) 10) Which of the following event will be recorded a) purchase of materials b) receiving free samples c) placing an order 11) Which of the following event will be recorded a) borrowing from bank b) economic recession c) buying a gift for a friend 12) Which of the following is NOT a tangible asset: a) land and building b) concession c) technical equipment 13) Which of the following is a tangible asset: a) licenses b) copyright c) machinery 14) Which of the following is an intangible asset: a) trademark b) materials c) trade goods 15) Which of the following is NOT an intangible asset: a) patent b) goodwill c) plant 16) What is another name for fixed assets? a) current assets b) non-current assets c) total assets 17) Total assets equal total claims a) TRUE b) FALSE 18) Which of the following is not a fixed asset: a) Stock ( inventory) b) Long-time investments c) Tangible assets 19) Which of the following is equity capital: a) Retained profit ( loss) b) short-term receivables c) long-term receivables 20) What is the name of the document that reports assets and claims? a) Profit and Loss statement b) Cash flow statement c) Balance sheet 21) The income statement is also known as a) P&L Statement/ Profit and Loss Statement b) notes to the financial statement c) assets and revenues statement 22) The income statement presents a summary of the revenues and ......... a) fixed assets b) expenses/costs c) sales 23) What is the different term used to describe NET INCOME? a) Cost of God Sold b) Sales c) Bottom Line 24) .....is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period a) P&L Statement b) Cash flow c) Balance Sheet 25) ....is a financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time a) P&L Statement b) Cash flow c) Balance sheet 26) ...is a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company a) Balance sheet b) P&L statement c) Cash flow statement

Unit 4 Revision

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