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Daily Quiz
Accounting
Are you fluent in the business language of accounting?
Fun:
(2.2)
Difficulty:
(1.94)
Quiz ID: #33632
Category:
Other
Submitted By:
Nasdaq
Question #1
What are overhead costs?
Costs not directly related to manufacturing products or delivering services
Costs that are scheduled to remain unchanged for at least one year
Expenses incurred because of business regulations
Uncontrollable costs such as tariffs
Question #2
If an accounting journal entry is done correctly, in compliance with Generally Accepted Accounting Principles or International Financial Reporting Standards, debits MUST equal credits with no exceptions.
True
False
Question #3
What is amortization expense?
Costs of educating and training employees
Difference between sale price and cost of acquisition if goods are sold below cost
Income taxes payable
Long-term assets depreciating
Question #4
What are dividends?
Expenditures used to acquire property, plant and equipment
Interest that corporations pay to bondholders
Profits that corporations pay to shareholders
Rebates paid to customers
Question #5
Which of these is a standard financial statement typically prepared quarterly and annually?
Statement of Acquisitions
Statement of Cash Flows
Statement of Earnings
Statement of Operations
Question #6
In an accounting equation, ASSETS = ___________ + OWNER'S EQUITY
Your Answer:
1 word, 11 letters. There is also an alternate answer.
Show Hint
Question #7
What are the global accounting standards that most developed nations follow?
Generally accepted accounting principles
Integrated international accounting standards
Internationally accepted accounting principles
International financial reporting standards
Question #8
On income statements, net income is measured as cash received from sales minus cash spent on expenses.
True
False
Question #9
In the assets sector of an accounting balance sheet, how is the value of employees measured?
Employees are listed as the net present value of goods and services produced that have not yet been sold.
Employees are listed in the liabilities sector.
Employees are not listed as assets or liabilities on balance sheets.
Employees are valued as last year's total remuneration, including salaries, benefits, and stock options paid.
Question #10
What is net present value of an investment?
Book value of an investment less any applicable liabilities
Free market value of an investment less any applicable liabilities
Present value of estimated returns on an investment after adjusting for cost of capital
Proceeds of disposal less cost of acquisition for an investment
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