Accounting Cycle: Fill In the Blanks

We’ve prepared this accounting cycle fill-in-the-blanks quiz to help students test their knowledge. We expect that this test will be most useful for students preparing for exams or interviews. Answer each question and submit the quiz to receive your results. You can also enter your email address to receive the results in your mailbox.  Question No. 1 refers to the accounting procedure used to reco…

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Cash Flow Statement: Fill In the Blanks

1. The that is prepared to indicate a company’s cash situation is called a cash flow statement. See answer 2. To know from where cash comes from in a business, a statement is prepared called a . See answer 3. The statement that provides the information about cash and cash equivalents is called a . See answer 4. The IAS-7 accounting standard is concerned with the preparation of See answer 5. The ma…

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Manufacturing Accounts: Fill In the Blanks

1. Net sales – Cost of goods sold = . See answer 2. Cost of goods sold = Opening finished goods + – closing finished goods. See answer 3. Cost of goods manufactured = Opening WIP + – closing W.I.P. See answer 4. Direct labor + Direct material consumed + Factory overhead = . See answer 5. Opening WIP + Factory cost – Closing WIP = . See answer 6. Raw materials (RM) consumed = Opening RM + RM purcha…

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Dissolution of Partnership: Fill In the Blanks

1. At the time of admission, a partnership firm is dissolved if the business is . See answer 2. All the accounts are settled among partners and creditors at the time of of a business. See answer 3. Before anything else, the of the firm will be settled out of the sources of the business. See answer 4. Admission of a partner leads to the termination of the and not the dissolution of the . See answer…

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Retirement and Death of a Partner: Fill In the Blanks

1. When a partner withdraws their capital from a partnership firm, it is referred to as the of a partner. See answer 2. A partnership is on the retirement or death of a partner. See answer 3. If the remaining partners want to continue the business, they should establish a new . See answer 4. The amount payable to the retiring partner is a of the firm, which will be paid in full or in . See answer…

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Admission of New Partner: Fill In the Blanks

1. An intangible asset related to the reputation of a business is known as . See answer 2. A new partner can be admitted into a partnership with the of all partners. See answer 3. The goodwill of a business can be sold only by the business. See answer 4. Technically, the admission of a new partner the old partnership See answer 5. An incoming partner contributes to share in the total assets and fo…

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Financial Statement: Fill In the Blanks

1. The statement of retained earnings is also known as the . See answer 2. From the date of , the company can legally earn profit. See answer 3. Profit prior to incorporation cannot be distributed in the form of . See answer 4. Profit earned before the issuance of a certificate entitling the company to commence business is shown as a in the balance sheet. See answer 5. A dividend is a distribution…

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Dividend and Bonus: Fill In the Blanks

1. Shares in a public limited company can be legally to another person. See answer 2. A public limited company can commence business when the register of companies has issued a . See answer 3. The memorandum of association is the of the company. See answer 4. Unsecured debentures are also known as debentures. See answer 5. Unclaimed dividends constitute a of the company. See answer 6. Discount on…

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Formation and Organization: Fill In the Blanks

1. are not required to issue a prospectus. See answer 2. The minimum number of members in a private limited company is and the maximum is . See answer 3. A public limited company must have at least directors. See answer 4. The documents issued to the public with a view to invite applications for the sale of shares are known as the . See answer 5. The are the owners of the company. See answer 6. Th…

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Issuance of Shares and Debentures: Fill In the Blanks

1. Ordinary shares are also called . See answer 2. Share discounts are shown as separate items on the side of the balance sheet. See answer 3. Calls in arrears are when any installment is not received. See answer 4. The credit balance of forfeited shares must appear as a separate item on the side of the balance sheet. See answer 5. Deferred shares are also called . See answer 6. Naked debentures a…

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