MCQ

1.Financial reports (statements) which are prepared after 12-month is called _____(i)________ while financial reports which are prepared within 12-month are called ____________(ii)_____________

A. (i) interim reports (li) annual reports

B. (i) accounting reports (li) financial reports

C. (i) annual reports (li) interim reports

2.Discounts received is given by ______________________to a business to pay faster.

3.The basic format of an income statement consists of 2 columns; inner column (on your left-hand side) and outer column (on your right-hand side). The reason that we always place the followings is__________________

sales - outer column purchases, expenses - inner column

O A pased on the vertical layout format, sales is debit, so it must be placed in the outer column while purchases and expenses are credit, so they must be in the inner column.

O B. based on the vertical layout format, sales is credit, so it must be placed in the outer column while purchases and expenses are debit, so they must be in the inner column.

O C. based on the vertical layout format, sales is an income, so it must be placed in the outer column while purchases and expenses are expenses so they must be in the inner column.

O D based on vertical layout format, sales is placed in the outer column while purchases and expenses must be placed in the inner column.

D (i) fiscal reports (li) annual reports

4. discounts received is a/an _______________

5. Discounts received will __________________ and _________________.