1.

On a company's balance sheet1, accounts receivable is:

a) the money owed to that company by entities outside of the company
b) the money owed to that company by entities inside of the company
2. Accounts payable is:
a) the amount owed for the purchase of goods or services at a specific date
b) the amount charged for the purchase of goods or services at a specific date
3. In the balance sheet:
a) Account receivable can be found among Liability
b) Account payable can be found among Assets
c) Account receivable can be found among Liability, while account payable can
be found among Assets
d) Accounts receivable can be found among Assets, while accounts payable can
be found among Liability
4. Profit and loss statement2:
a) is a companys financial statement that indicates how the revenue is
transformed into the net income
b) is a companys financial statement that indicates how the net income is
transformed into the revenue
5. Profit and loss statement and Balance sheet:
a) Both represent a period of time
b) Both represent a single moment in time
c) PL statement represents a single moment in time, while BS represents a period
of time
d) BS represents a single moment in time, while PL statement represents a period
of time
6. Which of these statements are not true?
a)
b)
c)
d)
e)

Balance sheet represents a period of time

Profit and loss statement represents a period of time
Balance sheet represents a single moment of time
Profit and loss statement represents a single moment of time
Balance sheet represents a period of time, while profit and loss statement
represents a single moment in time
f) Balance sheet represents a single moment in time, while profit and loss
statement represents a period of time

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7. Which of these statements are not true?

a) Fixed assets can easily be converted to cash
b) In most cases, tangible assets3 are considered fixed assets (like property, plant
and equipment)
c) Fixed assets are assets that are not directly sold to a firm's consumers/end-users
d) Fixed assets are usually inexpensive items which an organization has bought
and will use for a short period of time

8. Write an example of a deferred income and a deferred expense4.

Deferred Income - Any financial event when the cost was already received after a not
yet fulfilled service or not yet delivered good.
Deferred Expense - Any financial event, when the service or instrument was already
used or bought, but the relating cost was not yet paid.
9. Write an example of an accrued income and accrued expense5.
Accrued Income - Any financial event when the cost was not yet received after an
already fulfilled service or already delivered good.
Accrued Expense - Any service or instrument for which the cost was already paid, but
was not yet fulfilled or delivered

10. Explain how would you book the one year subscription fee of a monthly newspaper
that lasts from January 1st 2012 until December 31st 2012 and was paid during
January.
In January, one twelfth of the fee should be booked to a cost account and the rest to a
prepayments account and every month from February to December one twelfth of the
total fee should be released from the prepayments account and booked to the cost
account

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