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200 Mul ple-Choice Ques ons in Finance &

Accoun ng (with Answers and Explana ons)

Question 1: Which inancial statement shows a company's inancial position at a speci ic point in time?

A Income Statement

B Cash Flow Statement

C Statement of Retained Earnings

Correct Answer: C

Explanation: Double-entry bookkeeping requires that every inancial transaction affects at least two accounts to keep the accounting equation balanced

Question 5: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

B Cash Flow Statement

C Statement of Retained Earnings

D Balance Sheet

Correct Answer: D

Explanation: The Balance Sheet presents a company's assets, liabilities, and equity as of a speci ic date, showing the inancial position at that moment

Question 7: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

B Cash Flow Statement

C Statement of Retained Earnings

D Balance Sheet

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 10: What does ROI stand for in inance?

B Cash Flow Statement

C Statement of Retained Earnings

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 13: Which inancial statement shows a company's inancial position at a speci ic point in time?

A Income Statement

B Cash Flow Statement

C Statement of Retained Earnings

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 15: Which principle in accounting requires revenue to be recorded when it is earned, not when cash is received?

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 16: Which principle in accounting requires revenue to be recorded when it is earned, not when cash is received?

A Cash Basis Principle

B Revenue Recognition Principle

A Cash Basis Principle

B Revenue Recognition Principle

Question 22: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

B Cash Flow Statement

C Statement of Retained Earnings

C Statement of Retained Earnings

C At least two accounts

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 30: Which inancial statement shows a company's inancial position at a speci ic point in time?

A Income Statement

B Cash Flow Statement

C Statement of Retained Earnings

B Cash Flow Statement

C Statement of Retained Earnings

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 33: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

B Cash Flow Statement

C Statement of Retained Earnings

B Cash Flow Statement

C Statement of Retained Earnings

Question 39: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Question 41: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Correct Answer: B

Explanation: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to re lect its usage and wear and tear

Question 42: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

B Cash Flow Statement

C Statement of Retained Earnings

B Revenue Recognition Principle

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 50: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 52: What does ROI stand for in inance?

B Cash Flow Statement

C Statement of Retained Earnings

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 55: What does ROI stand for in inance?

Question 57: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Correct Answer: B

Explanation: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to re lect its usage and wear and tear

Question 58: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Question 61: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A Income Statement

B Cash Flow Statement

C Statement of Retained Earnings

B Cash Flow Statement

C Statement of Retained Earnings

B Cash Flow Statement

C Statement of Retained Earnings

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 73: Which inancial statement shows a company's inancial position at a speci ic point in time?

A Income Statement

B Cash Flow Statement

C Statement of Retained Earnings

D Balance Sheet

Correct Answer: D

Explanation: The Balance Sheet presents a company's assets, liabilities, and equity as of a speci ic date, showing the inancial position at that moment

Question 74: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 77: Which principle in accounting requires revenue to be recorded when it is earned, not when cash is received?

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 78: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Correct Answer: B

Explanation: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to re lect its usage and wear and tear

Question 79: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Question 81: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 84: In double-entry bookkeeping, every transaction affects:

B Cash Flow Statement

C Statement of Retained Earnings

Question 87: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Question 89: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

B Cash Flow Statement

C Statement of Retained Earnings

D Balance Sheet

Correct Answer: D

Explanation: The Balance Sheet presents a company's assets, liabilities, and equity as of a speci ic date, showing the inancial position at that moment

Question 91: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A Cash Basis Principle

B Revenue Recognition Principle

A Cash Basis Principle

B Revenue Recognition Principle

A Income Statement

B Cash Flow Statement

C Statement of Retained Earnings

B Cash Flow Statement

C Statement of Retained Earnings

B Cash Flow Statement

C Statement of Retained Earnings

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 101: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Correct Answer: B

Explanation: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to re lect its usage and wear and tear

Question 102: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 108: Which principle in accounting requires revenue to be recorded when it is earned, not when cash is received?

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 109: Which principle in accounting requires revenue to be recorded when it is earned, not when cash is received?

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 110: Which inancial statement shows a company's inancial position at a speci ic point in time?

A Income Statement

B Cash Flow Statement

C Statement of Retained Earnings

Explanation: Double-entry bookkeeping requires that every inancial transaction affects at least two accounts to keep the accounting equation balanced.

Question 112: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

A Cash Basis Principle

B Revenue Recognition Principle

C Matching Principle

D Conservatism Principle

Correct Answer: B

Explanation: The Revenue Recognition Principle states that revenue should be recorded when it is earned,

regardless of when the cash is received

Question 115: Depreciation is best described as:

A A decrease in market value of an asset

B The process of allocating the cost of a tangible asset over its useful life

C A write-off of intangible assets

D A cash expense for asset replacement

Correct Answer: B