Accounting Quiz 08

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

Obligations

Income or gain

Expenses

Creditors

Correct! Wrong!

________ is the gross inflow of economic benefits?

Assets

Income

Liabilities

Expenses

Correct! Wrong!

Financial statements differ from management account because

They are more complex and hard to prepare

Financial statements differ from management account because

The are prepared on basis of actual concept

The are the summary of accounting data

Correct! Wrong!

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

Long life of assets

Intangible nature of assets

Value of assets

Future economic benefits

Correct! Wrong!

An asset posses which of the following?

Future economic benefits for the business

Expenses for the business

Merits and Demerits for the business

All kind of benefits for the business

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?

Identifying transactions

Preparing financial statements

Preparing trial balances

Preparing “T Accounts”

Correct! Wrong!

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

Controlled

Possessed

Used

Owned

Correct! Wrong!

Liabilities are which of the following?

Resources

Expenses

Future benefits

Obligations

Correct! Wrong!

Liability are arisen from which of the following events?

Present event

None of these

Future event

Past event

Correct! Wrong!

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

Company

Sole proprietorship

Non-profit organization

Partnership

Correct! Wrong!

Accounting Quiz 08

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Accounting Quiz 08

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

________ is the gross inflow of economic benefits?

Financial statements differ from management account because

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

An asset posses which of the following?

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

Liabilities are which of the following?

Liability are arisen from which of the following events?

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

About the author

Muhammad Arslan

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

________ is the gross inflow of economic benefits?

Financial statements differ from management account because

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

An asset posses which of the following?

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

Liabilities are which of the following?

Liability are arisen from which of the following events?

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

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About the author

Muhammad Arslan