Accounting Quiz 08

________ is a separate legal entity that Total capital can be divided in many shares.

Non-profit organization

Company

Partnership

Sole proprietorship

Correct! Wrong!

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

Used

Owned

Controlled

Possessed

Correct! Wrong!

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

Preparing trial balances

Identifying transactions

Preparing financial statements

Preparing “T Accounts”

Correct! Wrong!

Financial statements differ from management account because

The are prepared on basis of actual concept

They are more complex and hard to prepare

The are the summary of accounting data

Correct! Wrong!

Which is the most important characteristic that all assets of a business have?

Value of assets

Future economic benefits

Intangible nature of assets

Long life of assets

Correct! Wrong!

Liability are arisen from which of the following events?

None of these

Future event

Present event

Past event

Correct! Wrong!

________ is the gross inflow of economic benefits?

Income

Assets

Expenses

Liabilities

Correct! Wrong!

An asset posses which of the following?

Future economic benefits for the business

All kind of benefits for the business

Expenses for the business

Merits and Demerits for the business

Correct! Wrong!

Liabilities are which of the following?

Expenses

Obligations

Resources

Future benefits

Correct! Wrong!

The gross decrease in economic benefits for the business are what?

Income or gain

Creditors

Obligations

Expenses

Correct! Wrong!

Accounting Quiz 08

Well Done !

Your parents would be so proud of you :'D

You Could Do Better !!!

Give it another try 😉

Oh Shoot ! Try Again Maybe ?

Try again bachaa :3

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Accounting Quiz 08

________ is a separate legal entity that Total capital can be divided in many shares.

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

Financial statements differ from management account because

Which is the most important characteristic that all assets of a business have?

Liability are arisen from which of the following events?

________ is the gross inflow of economic benefits?

An asset posses which of the following?

Liabilities are which of the following?

The gross decrease in economic benefits for the business are what?

About the author

Muhammad Arslan

________ is a separate legal entity that Total capital can be divided in many shares.

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

Financial statements differ from management account because

Which is the most important characteristic that all assets of a business have?

Liability are arisen from which of the following events?

________ is the gross inflow of economic benefits?

An asset posses which of the following?

Liabilities are which of the following?

The gross decrease in economic benefits for the business are what?

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About the author

Muhammad Arslan