Accounting Quiz 08

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

Used

Controlled

Possessed

Owned

Correct! Wrong!

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

Sole proprietorship

Partnership

Company

Non-profit organization

Correct! Wrong!

Liability are arisen from which of the following events?

None of these

Future event

Present event

Past event

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!

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

Obligations

Expenses

Income or gain

Creditors

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 “T Accounts”

Preparing trial balances

Preparing financial statements

Correct! Wrong!

________ is the gross inflow of economic benefits?

Income

Assets

Expenses

Liabilities

Correct! Wrong!

Financial statements differ from management account because

The are the summary of accounting data

They are more complex and hard to prepare

The are prepared on basis of actual concept

Correct! Wrong!

Liabilities are which of the following?

Future benefits

Obligations

Resources

Expenses

Correct! Wrong!

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

Long life of assets

Future economic benefits

Intangible nature of assets

Value of assets

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

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

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

Liability are arisen from which of the following events?

An asset posses which of the following?

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

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 the gross inflow of economic benefits?

Financial statements differ from management account because

Liabilities are which of the following?

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

About the author

Muhammad Arslan

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

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

Liability are arisen from which of the following events?

An asset posses which of the following?

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

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 the gross inflow of economic benefits?

Financial statements differ from management account because

Liabilities are which of the following?

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

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About the author

Muhammad Arslan