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ACCOUNTING QUIZ

1. Which of the following is a satisfactory statement of the balance sheet equation?
a. Assets + owner’s equity = liabilities
b. Assets = liabilities + owners’ equity
c. Assets + liabilities = owners’ equity

2. A revenue
a. increases assets and liabilities.
b. increases assets and owners’ equity.
c. increases assets and decreases owners’ equity.

3. In accounting, depreciation refers to the
a. decline in value of an asset.
b. obsolescence of an asset.
c. allocation of asset cost.

4. Gross margin is equal to the difference in
a. net sales and operating expenses.
b. net sales and cost of goods sold.
c. net sales and operating income.

5. Which of the following does NOT include net income in its computation?
a. Profit margin
b. Return on assets
c. Debt to equity ratio

6. What do current assets and current liabilities have in common?
a. Current assets are claims against current liabilities.
b. If current assets increase, there will be a corresponding increase in current liabilities.
c. Current liabilities and current assets are those items that will be satisfied and converted into cash, respectively, in one year or operating cycle, whichever is longer.

7. What does the retained earnings account measure?
a. Cash held by the company since its inception.
b. Financial resources currently available to satisfy obligtions.
c. All undistributed earnings.

8. An overstatement of beginning inventory results in
a. no effect on the period’s net income.
b. an overstatement of net income.
c. an understatement of net income.

9. Which inventory method generally results in the most realistic ending inventory figure?
a. LIFO
b. FIFO
c. Average-cost

10. All else remaining equal, when a LIFO liquidation occurs during a period of rising prices, which of the following statements about the effects on a firm’s financial statements is generally true?
a. Cost of goods sold increases
b. Taxes decrease
c. Gross profit margin increases

11. A machine was purchased for AED17,000, has accumulated depreciation of AED9,000, and has a depreciable cost of AED10,000. Its estimated residual value is
a. AED2,000.
b. AED7,000.
c. AED8,000.

12. A truck was purchased for AED35,000. It had a five-year life and a AED5,000 residual value. Under the double-declining-balance method, what is the accumulated depreciation after two years?
a. AED19,200
b. AED21,200
c. AED22,400

13. The amortization of a bond discount will result in reporting an amount of interest expense for an interest period that
a. is less than the amount of cash to be paid for interest for the period.
b. exceeds the amount of cash to be paid for interest for the period.
c. equals the amount of cash to be paid for interest for the period.

14. A AED100,000 bond issue with a carrying value of AED97,000 is called at 101 and retired. Which of the following statements is true?
a. No gain or loss is recorded.
b. A loss of AED4,000 is recorded.
c. A loss of AED1,000 is recorded.

15. Under a finance lease, the lessee does NOT record which of the following?
a. Rent expense
b. Lease obligations
c. Depreciation on the leased asset

16. Under a defined benefit pension plan,
a. the employer guarantees the employees certain benefits upon retirement.
b. retirement payments are based on the amount accumulated in the pension fund.
c. accounting for annual pension expense is simple.

17. Deferred income taxes are justified by what basic concept?
a. Revenue recognition
b. Matching
c. Conservatism

Use the following to answer the next 3 questions:
Net income AED5,000
Depreciation expense 2,500
Increase in deferred tax liabilities 500
Decrease in accounts receivable 2,000
Increase in inventories 9,000
Decrease in accounts payable 5,000
Increase in accrued liabilities 1,000
Increase in property and equipment 14,000
Increase in short-term notes payable 19,000
Decrease in long-term bonds payable 4,000
18. What is net cash flow from operating activities?
a. (AED3,000)
b. (AED1,000)
c. AED5,000

19. What is net cash flow from investing activities?
a. AED14,000
b. (AED14,000)
c. AED21,000

20. What is net cash flow from financing activities?
a. AED15,000
b. (AED15,000)
c. AED17,000

Answers:
1-b, 2-b, 3-c, 4-b, 5-c, 6-c, 7-c, 8-c, 9-b, 10-c, 11-b, 12-c, 13-b, 14-b, 15-a, 16-a, 17-b, 18-a, 19-b, 20-a.

Great visualization technique that you can use to get your dream job in Gulf Region

Here is a great visualization technique that you can use to get your dream job in Gulf Region. Trust me, this works. This technique was developed based on Neuro-linguistic Programming known as NLP (an alternative approach to psychotherapy). This has been tested and proven many times.

 

Please read the entire document a few times to understand before putting it to practice.

 

Everyone can understand a direction on where the past is and where the future is. For an example, you can remember what happened yesterday and also two weeks before. And also there is a direction from now to yesterday, and from yesterday to two weeks ago. This is the time path.

 

In the similar way, there is a time path towards the future. Let’s assume that you want to go and see a friend tomorrow. You know that it is in the future date and there is a path from now towards the future.

 

Keep this basic time path theory in mind and do the below exercise.

 

Here are the steps…

 

  1. Decide by when (exact date) you want to get a job in Gulf Region. Be realistic. Then write down your goal in the present tense in the following format.

 

It is now <exact target date> and I have just got a good job in Gulf Region. I can see I am reading the appointment letter.

 

Example: Let’s say that you want to get a good job in Gulf Region by 15 December 2008. Your goal statement would look like this:

 

It is now 15 December 2008 and I have just got a good job in Gulf Region. I can see I am reading the appointment letter.

 

IMPORTANT: Make sure that you write this statement on a piece of paper. The date should be the exact date. Do not use words such as soon, next week, next month etc. Write the exact date.

 

  1. Then sit down in a quiet place and relax. Close your eyes. Take three deep breaths.

 

  1. Imagine and visualize that today is your target date (15 December 2008 in the above example) and you just received the appointment letter. The letter may have arrived via mail, may be a fax or you are in Gulf Region and the employer just handed over it to you. Customize it depending on how you want to see it. Make this as real as possible. Visualize that you are reading the letter, and that you see the colour of the letter, fonts. Also, feel that you are holding the letter, feel the thickness of the paper etc.

 

Visualize that you are happy and excited. Feel the feeling. Perhaps you can visualize that you are talking to the employer after reading the letter, shaking hands etc. Make it as real as possible. Now Change the colours of this scene; make it bright and bigger (this is similar to changing settings in your TV). Please note that you should not see your face or body, because you are there, reading and looking around from your own eyes.

 

See the below picture to get an idea. You are reading with your own eyes.

 

image006

 

  1. Do this visualization for about 2 – 5 minutes. Don’t open your eyes yet.

 

  1. Now you have to see the same thing from a different angel. It is similar to watching something on TV. Now step out from the scene that you were visualizing earlier. This time you should visualize the above, but the difference is you can also see YOURSELF in the scene. It is like watching a TV program about receiving an appointment letter for a job in Gulf Region, and You are starring in that program. It will look like below

 

image001

You are   part of the picture

The above picture is an example of reading the letter from home. The appointment letter has been arrived by mail or by fax and you are reading it at home. You can customize it depending on the way you want it to happen.

  1. Then take a snapshot of it (similar to a photo taken from a camera). Now visualize that you are taking the picture and go straight up above the sky. Go high and high. You will see the objects on earth like Ants. Stop now.

  1. You have to make the picture brighter from your life force. This is how to do it. Take a deep breath from your nose and exhale from mouth. Visualize that when you exhale, the air goes and touches the picture that you are carrying. Visualize that the picture is getting brighter when the air touches the picture. Basically when you exhale the picture is getting brighter. Do this 3 times.

  1. Then start flying towards the future targeted date (15 December 2008 in the example). Stop exactly above your target date. Visualize that the target date is marked on the road. Drop the picture and visualize that the picture is exactly on the target date.

The above steps (6 – 8) are summarized in the below picture

image005

  1. Now while you are still above the future targeted date, look back and visualize that everything has arranged perfectly to accomplish your target. Then look forward towards the future and visualize a bright future as you have got a job in Gulf Region.
  1. Now come back to your current place. Take a few deep breaths and open your eyes.

Do this exercise (steps 2 – 10) everyday until you get a job in Gulf Region. Make sure that you do not change the target date or the scene that you are visualizing. It should be consistent.

There is a science behind this exercise. Trust us, this has worked for many people and will definitely work for you.

3 steps to getting a new job in 2016

It’s hard to believe it is already 2016. And with the New Year comes a lot of promise, resolve and hope. One of the most common resolutions people make is to find a job that fulfils their professional ambitions.

Though this can be done at any time, the beginning of the year is always good to pursue a job change. Companies working on their annual budgets may wait until the first days of a year to post new jobs.

And that is not all; the timing is also perfect because the holidays are behind us. Decision-makers are returning to offices and hiring processes now can move faster and more efficiently.

Achieving the resolution can be hard because you probably are not alone. Just like many companies take advantage of a new year’s budgets to begin hiring, many people probably are looking to get new jobs, and thus creating competition for you.

So what can be done to set yourself apart? Here are three main points to follow

 

Target employers

One way to set yourself apart from the mass of applicants is to show employers you want to work for them … and not just looking for any job. Survey the market and see who is hiring. Once the list is ready, look closely at which companies you really want to work for and make a list of the reasons.

This exercise will help you focus your career goals. Instead of just sending random resumes, make the applications target the right employers that meet your goals.

When applying, take time to explain to employers why you selected them. This strategy can help set the tone throughout the interview process. When doing some of the legwork upfront, if you know exactly why you want to work for a particular employer, everything else falls into place.

Remember, money alone can’t be a good reason. So if the motivation is solely financial, frame it in a bigger and more professional context.

Be a catch

In a competitive market, present yourself as a win for future employers. Take questions such as: “What will you bring to the job?” very seriously. Have prepared answers that explain why you’re a great addition to the team.

Never dwell on the difficulties of finding a job, even if it has been months since your started the hunt. You can always explain you’ve been waiting for the right opportunity.

Although one should not brag about personal skills, confidently describe what you excel at. Have solid examples to share and a proven record. Employers do look for people who have pleasant personalities and appear to be team players, but a record of results achieved will go a long way in showing value.

If you’ve written credentials, letters of reference or even LinkedIn recommendations, refer to them. It is a chance to place yourself as the best fit for the company.

Be human

The hiring process is full of template-based resumes, scripted answers and prepared cover letters.

Although all of these have their functions, they hardly set candidates apart. If you’d like to stand out, be human. That is not to say you should crack jokes with the hiring manager or overshare your personal life details.

You, however, should share some casual remarks to break the ice and thus set a relaxed manner. Whether the topic is traffic, weather or even news, an ability to be comfortable in your own skin and communicate with the hiring staff should go a long way in making you unforgettable — in a positive way.

In addition, take your time when writing emails or letter to future employers. Mention something that was discussed during the interview or ask a follow-up question. By doing so, you not only show interest in the job, you also help develop a relationship and remind the interviewing staff of your as a person as well as a job candidate.

Three steps to getting a job

  1. Focus on targeting the right sort of employer for you.
  2. Present yourself as a great fit.
  3. Stand out for your personality.

(Published in Gulf News )