Financial Statements

Question 1

These are the type of accounts that close at year-end.

Answer 1

Nominal Accounts

Beg Bal is 0 at the beg of the period

Question 2

These are the type of accounts that don’t close at year-end.

Answer 2

Real Accounts

They have beginning balances.

Question 3

CA, NCA, CL, NCL, Equity, or Notes?

Deficit

Answer 3

Equity

Question 4

CA, NCA, CL, NCL, Equity, or Notes?

Financial Assets at Fair Value through OCI

Answer 4

NCA

Question 5

CA, NCA, CL, NCL, Equity, or Notes?

Revaluation Surplus

Answer 5

Equity

Question 6

CA, NCA, CL, NCL, Equity, or Notes?

Cash Dividend Payable

Answer 6

CL

Question 7

CA, NCA, CL, NCL, Equity, or Notes?

Investment in Associates

Answer 7

NCA

Question 8

CA, NCA, CL, NCL, Equity, or Notes?

Provision for Warranty

Answer 8

CL

Question 9

CA, NCA, CL, NCL, Equity, or Notes?

Sinking Fund

Answer 9

NCA

Question 10

CA, NCA, CL, NCL, Equity, or Notes?

Leasehold Improvement

Answer 10

NCA

Question 11

CA, NCA, CL, NCL, Equity, or Notes?

Long-term Refundable Deposit

Answer 11

PAID: NCA
RECEIVED: NCL

Question 12

CA, NCA, CL, NCL, Equity, or Notes?

Land Held for Future Plant Site

Answer 12

NCA

Question 13

CA, NCA, CL, NCL, Equity, or Notes?

Retained Earnings - Appropriate

Answer 13

Equity

Question 14

CA, NCA, CL, NCL, Equity, or Notes?

Correction of Error

Answer 14

Equity
and Notes

Question 15

CA, NCA, CL, NCL, Equity, or Notes?

Share Dividend Distributable

Answer 15

Equity

Question 16

CA, NCA, CL, NCL, Equity, or Notes?

Treasury Shares

Answer 16

Equity

Question 17

CA, NCA, CL, NCL, Equity, or Notes?

Franchise

Answer 17

NCA

Question 18

CA, NCA, CL, NCL, Equity, or Notes?

Property Dividend Payable

Answer 18

CL

Question 19

CA, NCA, CL, NCL, Equity, or Notes?

Fully depreciated machinery

Answer 19

NCA + Notes

Question 20

CA, NCA, CL, NCL, Equity, or Notes?

Advances to Affiliated Companies

Answer 20

NCA

Question 21

CA, NCA, CL, NCL, Equity, or Notes?

Advances from Affiliated Companies

Answer 21

NCL

Question 22

CA, NCA, CL, NCL, Equity, or Notes?

Accrued Interest on Notes Payable

Answer 22

CL

Question 23

CA, NCA, CL, NCL, Equity, or Notes?

Customers’ Deposit

Answer 23

CL

Question 24

CA, NCA, CL, NCL, Equity, or Notes?

Share Capital

Answer 24

Equity

Question 25

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Interest Income of a Financial Institution

Answer 25

Operating

Question 26

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Salaries Expense

Answer 26

Operating

Question 27

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Income Tax Expense

Answer 27

Income Taxes

Question 28

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Interest income on a plant asset

Answer 28

Investing

Question 29

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Interest expense on payables arising from purchase of goods and service

Answer 29

Financing

Question 30

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Interest expense on bonds payable issued

Answer 30

Financing

Question 31

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Interest Expense on lease liabilities

Answer 31

Financing

Question 32

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Interest expense on DBO?

Answer 32

Financing

Question 33

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Depreciation expense of equipment for admin purposes?

Answer 33

Operating

Question 34

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Depreciation Expense used for rental purposes

Answer 34

Investing

Question 35

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Rental income of building classified as investment property?

Answer 35

Investing

Question 36

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Rental income of building reclassified as held for sale

Answer 36

Operating

Question 37

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Current and past service cost

Answer 37

Operating

Question 38

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Dividend Income from equity investments classified as FVTOCI

Answer 38

Investing

Question 39

# Operating, Investing, Financing, Income Taxes, or Disc Ops? Impairment loss due to decrease in FVLCTS of NCAHFS

Answer 39

Operating

Question 40

# Selling Expense or General Admin Expense from OPEX? Depreciation Expense - Equipment used in delivery of goods

Answer 40

Selling Expense

Question 41

# Selling Expense, General Admin Expense, or Investing Expense? Depreciation Expense - Investment Property

Answer 41

Investing

Question 42

# Selling Expense, General Admin Expense, or Investing Expense? Depreciation Expense - Building used in production

Answer 42

General & Admin Expense

Question 43

# CA, NCA, CL, NCL? Short-Term Investments

Answer 43

CA