no explanation needed, only correct answeres

6. Resources that are categorized as intangible assets: a) should be physical b) should not be physical c) should be intended for an entity's own use d) should be acquired in order to obtain economic benefits as a result of a commercial transaction e) should generate economic benefits for the period longer than one year 7. Resources that are categorized as tangible assets: 1. a) should be physical 2. b) should not be physical 3. c) should be intended for an entity's own use 4. d) should be acquired in order to obtain economic benefits as a result of a commercial transaction e) should generate economic benefits for the period longer than one year 8. Which of the following is an example of tangible assets? 1. a) a truck that is intended for the sale as a part of merchandise 2. b) a machine during its of assembly, that is intended for the production 3. c) a complete and usable building 4. d) a patent 9. Receivables are: 1. a) amounts due to an entity 2. b) amounts due from an entity 3. c) amounts due to and from an entity 10. Short-term liabilities include: 1. a) trade payables 2. b) trade receivables 3. c) only these liabilities which mature within 12 months form a balance sheet date 4. d) liabilities which mature within 12 months form a balance sheet date 11. Net profit (loss) is included as a part of: 1. a) non-current assets 2. b) current assets 3. c) owners' equity 4. d) liabilities 12. Net profit (loss) is: 1. a) created and affected by an entity 2. b) a measure of performance of an entity expressed in terms of money 3. c) is calculated for specific period of time - the so- called reporting period 4. d) is calculated as at specific period in time - the so-called balance sheet date 13. Provisions are: 1. a) these receivables whose due dates or amounts are not certain 2. b) these liabilities whose due dates or amounts are not certain 3. c) also called share capital 14. The company X acquired raw materials on credit. The raw materials are intended for building a new store. As a result of this business transactions: a) increased the value of short-term receivables and tangible assets b) increased the value of short-term receivables and inventories c) increased the value short-term liabilities and tangible assets d) increased the valued of short-term liabilities and inventories 15. The left side of an account is: a) used to record increases b) used to record decreases c) used to record increases or decreases, depending on the type of an account d) called credit e) called debit 16. The right side of an account is: a) used to record increases b) used to record decreases c) used to record increases or decreases, depending on the type of an account d) called credit e) called debit 17. The lost principle states that: a) we should cut costs as much as possible b) we should compare expenses to revenues c) the value of acquired assets and services should be initially assessed at their actual cost which is also called historical cost 18. Source documents may be: a) External b) Internal c) Only external d) Only Internal 19. Assume that your company paid trade payables by a bank transfer. This business transaction should be entered as follows: a) on the credit side of the "trade payables" account and on the debit side of the "Money in a bank" account b) on the debit side of the "trade payables" account and on the credit side of the "Money in a bank" account c) on the credit side of the "trade receivables" account and on the debit side of the "Money in a bank" account a, on the debit side of the "trade receivables" account and on the debit side of the 20. In "Money in a bank account the case of each business transaction: a) the total value of an entry on the debit side always equals the total value of its opposite entry on the credit side b) transaction is recorded twice - on the debit side and on the credit side c) we need to open a separate account d) we need a source document in order to enter a business transaction 21. The system of recording of business transactions is called the double entry book-keeping because: a) the total value of an entry on the debit side always equals the total value of its opposite entry on the credit side b) each transaction is recorded twice-on the debit side and on the credit side c) we should enter each business transaction into a journal and then in accounts 22. The company X provided services on credit and earned revenues PLN 2 500.00. As a result of this business transaction: a) the value of owners' equity decreased by PLN 2 500.00 and the value of short-term receivables decreased by PLN 2 500.00 b) the value of owners' equity increased by PLN 2 500.00 and the value of short-term receivables increased by PLN 2 500.00 c) the value of revenues decreased by PLN 2 500.00 and the value of trade receivables decreased by PLN 2 500.00 d) the value of revenues increased by PLN 2 500.00 and the value of trade receivables increased by PLN 2 500.00 23. In December 200A the company sold goods to a customer for PLN 2 000.00 on credit. In January 200B the customer paid by a bank transfer. It means that in January 200B: a) the value of revenues increased by PLN 2 000.00 and the value of trade receivables increased by PLN 2 000.00 b) the value of revenues increased by PLN 2 000.00 and the value of money in a bank increased by PLN 2 000.00 c) the value of trade receivables decreased by PLN 2 000.00 and the value of money in a bank increased by PLN 2 000.00 d) the value of trade payables increased by PLN 2 000.00 and the value of money in a bank increased by PLN 2 000.00 24. At the beginning of January 200A the company paid by a bank transfer insurance policy PLN 2 400.00. The policy period lasts from January 200A to the end of December 200A. On this basis we may say that at the end of March: a) the value of accruals amounted to PLN 1 800.00 b) the value of accruals amounted to PLN 600.00 c) the value of prepayments amounted to PLN 1 800.00 d) the value of prepayments amounted to PLN 600.00 28. The accrual principle states that: a) a company's activities can be divided into mentioned periods and business transactions, also business transactions that create revenues and expenses, should be assigned to those periods b) items should be recognized as revenues, expenses, assets, liabilities, and equity when a business transaction take place, not when the related payment is made or received, even if a payment related to a business transaction occurs in a different accounting period c) revenues should be recognized when cash is received and expenses should be recorded when cash is paid. It means that net profit (loss) that is assessed on the basis of the cash principle is the difference between inflows and outflows of money d) net income (loss) for a given reporting period should be affected only by expenses that relate directly to revenues earned during this period expenses that relate indirectly to revenues earned during the reporting period, but in amount reflecting the value of resources (also services) used by an entity in order to earn those revenues. 29. The cash principle states that: a) a company's activities can be divided into mentioned periods and business transactions, also business transactions that create revenues and expenses, should be assigned to those periods b) items should be recognized as revenues, expenses, assets, liabilities, and equity when a business transaction take place, not when the related payment is made or received, even if a payment related to a business transaction occurs in a different accounting period c) revenues should be recognized when cash is received and expenses should be recorded when cash is paid. It means that net profit (loss) that is assessed on the basis of the cash principle is the difference between inflows and outflows of money d) net income (loss) for a given reporting period should be affected only by expenses that relate directly to revenues earned during this 30. The matching principle states that: a) a company's activities can be divided into mentioned periods and business transactions, also business transactions that create revenues and expenses, should be assigned to those periods b) items should be recognized as revenues, expenses, assets, liabilities, and equity when a business transaction take place, not when the related payment is made or received, even if a payment related to a business transaction occurs in a different accounting period c) revenues should be recognized when cash is received and expenses should be recorded when cash is paid. It means that net profit (loss) that is assessed on the basis of the cash principle is the difference between inflows and outflows of money d) net income (loss) for a given reporting period should be affected only by expenses that relate directly to revenues earned during this period expenses that relate indirectly to revenues earned during the reporting period, but in amount reflecting the value of resources (also services) used by an entity in order to earn those revenues. 31. The periodicity principle states that: a) a company's activities can be divided into mentioned periods and business transactions, also business transactions that create revenues and expenses, should be assigned to those periods b) items should be recognized as revenues, expenses, assets, liabilities, and equity when a business transaction take place, not when the related payment is made or received, even if a payment related to a business transaction occurs in a different accounting period c) revenues should be recognized when cash is received and expenses should be recorded when cash is paid. It means that net profit (loss) that is assessed on the basis of the cash principle is the difference between inflows and outflows of money d) net income (loss) for a given reporting period should be affected only by expenses that relate directly to revenues earned during this period 24. At the beginning of January 200A the company paid by a bank transfer insurance policy PLN 2 400.00. The policy period lasts from January 200A to the end of December 200A. On this basis we may say that at the end of March: a) the value of accruals amounted to PLN 1 800.00 b) the value of accruals amounted to PLN 600.00 c) the value of prepayments amounted to PLN 1 800.00 d) the value of prepayments amounted to PLN 600.00 25. At the beginning of January 200A the company assessed the value of electricity used in January 200A (PLN 250.00) because the company has not received an invoice. The invoice was delivered to the company at the end of March 200A (PLN 250.00). As a result of that in March: a) the value of accruals increased by PLN 250.00 b) the value of accruals decreased by PLN 250.00 c) the value of prepayments increased by PLN 250.00 d) the value of prepayments decreased by PLN 250.00 e) PLN 250.00 should be entered on the debit side of in the "Expenses" account f) PLN 250.00 should be entered on the debit side of in the "trade payables account" 26. The company X acquired shares of the company Y. In 200A the company X received dividend PLN 4 000.00 from the company Y. In accounts of the company X this dividend should be entered as follows: a) PLN 4 000.00 on the debit side of the "Revenues" account and PLN 4 000.00 on the credit side of the "Money in a bank" account b) PLN 4 000.00 on the credit side of the "Revenues" account and PLN 4 000.00 on the debit side of the "Money in a bank" account c) PLN 4 000.00 on the credit side of the "Money in a bank account and PLN 4 000.00 on the debit side of the "Short-term payables - other" account d) PLN 4 000.00 on the debit side of the "Money in a bank" account and PLN 4 000.00 on the credit side of the "Short- term payables - other" account