PA HELP PO PLSSS
Choose the correct answer and fill in the blank to complete the statement:
1. A household that controls its expenditures and asset procurements can expect to
gain financial benefits in the form of
a. Return on Assets
b. Return on Investments
c. savings
2.In identifying transactions, the bookkeeper should always determine if
a. there is a reasonable rate of return on the asset.
b. the transaction is attributable to the entity and its business.
c. there is more than one journal entry to prepare.
3. Businesses should use their capital funds on resources that have the potential to bring
financial growth. The concept referred to is
a. Trade-in value
b. Income
c. Return on Assets
4. Loans or borrowing from external sources are considered as financial burdens
because (of)
a. the additional costs in the form of interest and service charges.
b. they cannot be converted into cash.
c. they will not bring benefits for more than a year.
5. This shows how the difference between cash in bank
statement were accounted.
a. trial balance
b. T-account
c. bank reconciliation statement.
6. A purchased item or expense that is expected to bring future years' benefits or that can be
harnessed by the business for more than a year, is treated as a
a. capital asset
b. fixed asset
c. none of the above
7. In accounting for business transactions, the first step is to
a. identify those that are important to the business.
b. identify those that have increasing or decreasing effects.
c. identify those that are attributable to the business.
8. Segregating personal assets from business assets adheres to the principle of
a. Materiality
b. Economic Identity.
c. Going Concern.
9. The liabilities of a business entity represent the value of that are not wholly owned by
the
company.
a. resources
b. investments
c. funds
10. This ordinarily creates a difference between savings account balance per book vs.
balance
per
bank statement.
a. Computer generated interests and withholding taxes
b. Computer generated bank transfers
c. Computer generated posting errors
Choose the correct answer and fill in the blank to complete the statement:
1. A household that controls its expenditures and asset procurements can expect to
gain financial benefits in the form of
a. Return on Assets
b. Return on Investments
c. savings
2.In identifying transactions, the bookkeeper should always determine if
a. there is a reasonable rate of return on the asset.
b. the transaction is attributable to the entity and its business.
c. there is more than one journal entry to prepare.
3. Businesses should use their capital funds on resources that have the potential to bring
financial growth. The concept referred to is
a. Trade-in value
b. Income
c. Return on Assets
4. Loans or borrowing from external sources are considered as financial burdens
because (of)
a. the additional costs in the form of interest and service charges.
b. they cannot be converted into cash.
c. they will not bring benefits for more than a year.
5. This shows how the difference between cash in bank
statement were accounted.
a. trial balance
b. T-account
c. bank reconciliation statement.
6. A purchased item or expense that is expected to bring future years' benefits or that can be
harnessed by the business for more than a year, is treated as a
a. capital asset
b. fixed asset
c. none of the above
7. In accounting for business transactions, the first step is to
a. identify those that are important to the business.
b. identify those that have increasing or decreasing effects.
c. identify those that are attributable to the business.
8. Segregating personal assets from business assets adheres to the principle of
a. Materiality
b. Economic Identity.
c. Going Concern.
9. The liabilities of a business entity represent the value of that are not wholly owned by
the
company.
a. resources
b. investments
c. funds
10. This ordinarily creates a difference between savings account balance per book vs.
balance
per
bank statement.
a. Computer generated interests and withholding taxes
b. Computer generated bank transfers
c. Computer generated posting errors
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Answers & Comments
1. B.Investments
2.A.there is a reasonable rate on the Asset
3.B.income
4.A
5.A.
6.C.
7.A.
Answer:
1.a
2.a
3.b
4.a
5.c
6.b
7.c
8.a
9.a
10.b
Explanation:
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