Accounting Quiz 08

Financial statements differ from management account because

The are the summary of accounting data

The are prepared on basis of actual concept

They are more complex and hard to prepare

Correct! Wrong!

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

Partnership

Sole proprietorship

Company

Non-profit organization

Correct! Wrong!

________ is the gross inflow of economic benefits?

Assets

Income

Expenses

Liabilities

Correct! Wrong!

Liability are arisen from which of the following events?

Future event

Present event

Past event

None of these

Correct! Wrong!

Liabilities are which of the following?

Obligations

Future benefits

Resources

Expenses

Correct! Wrong!

An asset posses which of the following?

Merits and Demerits for the business

Expenses for the business

Future economic benefits for the business

All kind of benefits for the business

Correct! Wrong!

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

Future economic benefits

Intangible nature of assets

Value of assets

Long life of assets

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 financial statements

Identifying transactions

Preparing trial balances

Preparing “T Accounts”

Correct! Wrong!

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

Obligations

Income or gain

Expenses

Creditors

Correct! Wrong!

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

Owned

Used

Possessed

Controlled

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

Facebook Comments

Accounting Quiz 08

Financial statements differ from management account because

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

________ is the gross inflow of economic benefits?

Liability are arisen from which of the following events?

Liabilities are which of the following?

An asset posses which of the following?

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

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

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

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

About the author

Muhammad Arslan

Financial statements differ from management account because

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

________ is the gross inflow of economic benefits?

Liability are arisen from which of the following events?

Liabilities are which of the following?

An asset posses which of the following?

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

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

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

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

You may also like

About the author

Muhammad Arslan