Accounting Quiz 08

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

Identifying transactions

Preparing trial balances

Preparing financial statements

Preparing “T Accounts”

Correct! Wrong!

An asset posses which of the following?

All kind of benefits for the business

Expenses for the business

Merits and Demerits for the business

Future economic benefits for the business

Correct! Wrong!

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

Controlled

Used

Owned

Possessed

Correct! Wrong!

Liabilities are which of the following?

Expenses

Future benefits

Resources

Obligations

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!

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

Creditors

Obligations

Income or gain

Expenses

Correct! Wrong!

________ is the gross inflow of economic benefits?

Assets

Liabilities

Expenses

Income

Correct! Wrong!

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

Partnership

Company

Non-profit organization

Sole proprietorship

Correct! Wrong!

Financial statements differ from management account because

The are prepared on basis of actual concept

Financial statements differ from management account because

The are the summary of accounting data

They are more complex and hard to prepare

Correct! Wrong!

Liability are arisen from which of the following events?

None of these

Present event

Future event

Past event

Correct! Wrong!

Accounting Quiz 08

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Accounting Quiz 08

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

An asset posses which of the following?

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

Liabilities are which of the following?

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

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

________ is the gross inflow of economic benefits?

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

Financial statements differ from management account because

Liability are arisen from which of the following events?

About the author

Muhammad Arslan

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

An asset posses which of the following?

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

Liabilities are which of the following?

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

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

________ is the gross inflow of economic benefits?

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

Financial statements differ from management account because

Liability are arisen from which of the following events?

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About the author

Muhammad Arslan