Accounting Quiz 08

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

Possessed

Used

Owned

Controlled

Correct! Wrong!

Liability are arisen from which of the following events?

Past event

Present event

None of these

Future event

Correct! Wrong!

Liabilities are which of the following?

Obligations

Future benefits

Expenses

Resources

Correct! Wrong!

An asset posses which of the following?

All kind of benefits for the business

Merits and Demerits for the business

Expenses for the business

Future economic 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?

Preparing trial balances

Preparing financial statements

Preparing “T Accounts”

Identifying transactions

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

They are more complex and hard to prepare

The are the summary of accounting data

Financial statements differ from management account because

Correct! Wrong!

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

Expenses

Income or gain

Creditors

Obligations

Correct! Wrong!

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

Intangible nature of assets

Value of assets

Long life of assets

Future economic benefits

Correct! Wrong!

________ is the gross inflow of economic benefits?

Income

Assets

Expenses

Liabilities

Correct! Wrong!

Accounting Quiz 08

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Accounting Quiz 08

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

Liability are arisen from which of the following events?

Liabilities are which of the following?

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?

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

Financial statements differ from management account because

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

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

________ is the gross inflow of economic benefits?

About the author

Muhammad Arslan

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

Liability are arisen from which of the following events?

Liabilities are which of the following?

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?

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

Financial statements differ from management account because

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

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

________ is the gross inflow of economic benefits?

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About the author

Muhammad Arslan