Quiz Detail

Q1 . Revenues that are received before the company delivers goods or provides services is called as Unearned Revenue.

A True

B False

Q2 . Trademark or trade name has legal protection for indefinite number of 10 year renewal periods

A True

B False

Q3 . Costs incurred to increase the operating efficiency, productive capacity, or useful life of a plant asset referred to as--------

A Revenue expenditures

B Capital expenditures

C Both

D None of the above

Q4 . Give the owner the exclusive right to reproduce and sell an artistic or published work.

A Patents

B Copyrights

C Franchises or licenses

D Trademarks or trade names

Q5 . Exclusive right to manufacture, sell or otherwise control an invention for a period of 20 years from the date of the grant.

A Patents

B Copyrights

C Franchises or licenses

D None of the above

Q6 . Depreciation is the process of allocating the cost of intangible assets to the expense.

A True

B False

Q7 . Working capital = Current assets + Current liabilities.

A True

B False

Q8 . When a partner invests non-cash assets in a partnership, the assets should be recorded at the book value.

A True

B False

Q9 . All of the following are characteristics of partnerships except

A Co-ownership of property

B Mutual agency

C Limited life

D Limited liability.

Q10 . A contingent liability should be recorded in the accounts when:

A It is probable the contingency will happen, but the amount cannot be reasonably estimated.

B It is reasonably possible the contingency will happen, and the amount can be reasonably estimated..

C It is probable the contingency will happen, and the amount can be reasonably estimated..

D It is reasonably possible the contingency will happen, but the amount cannot be reasonably estimated

Test Your Accounting Concepts Knowledge! Trivia Questions Quiz

Q1 . Revenues that are received before the company delivers goods or provides services is called as Unearned Revenue.

Q2 . Trademark or trade name has legal protection for indefinite number of 10 year renewal periods

Q3 . Costs incurred to increase the operating efficiency, productive capacity, or useful life of a plant asset referred to as--------

Q4 . Give the owner the exclusive right to reproduce and sell an artistic or published work.

Q5 . Exclusive right to manufacture, sell or otherwise control an invention for a period of 20 years from the date of the grant.

Q6 . Depreciation is the process of allocating the cost of intangible assets to the expense.

Q7 . Working capital = Current assets + Current liabilities.

Q8 . When a partner invests non-cash assets in a partnership, the assets should be recorded at the book value.

Q9 . All of the following are characteristics of partnerships except

Q10 . A contingent liability should be recorded in the accounts when: