Accounting Quiz 08

________ is the gross inflow of economic benefits?

Assets

Income

Expenses

Liabilities

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?

Intangible nature of assets

Long life of assets

Value of assets

Future economic benefits

Correct! Wrong!

Liabilities are which of the following?

Obligations

Future benefits

Expenses

Resources

Correct! Wrong!

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

Used

Possessed

Owned

Controlled

Correct! Wrong!

Liability are arisen from which of the following events?

None of these

Future event

Present event

Past event

Correct! Wrong!

Financial statements differ from management account because

The are the summary of accounting data

Financial statements differ from management account because

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.

Sole proprietorship

Partnership

Company

Non-profit organization

Correct! Wrong!

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

Creditors

Income or gain

Obligations

Expenses

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 “T Accounts”

Preparing trial balances

Preparing financial statements

Identifying transactions

Correct! Wrong!

Accounting Quiz 08

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Accounting Quiz 08

________ is the gross inflow of economic benefits?

An asset posses which of the following?

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

Liabilities are which of the following?

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?

Financial statements differ from management account because

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

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?

About the author

Muhammad Arslan

________ is the gross inflow of economic benefits?

An asset posses which of the following?

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

Liabilities are which of the following?

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?

Financial statements differ from management account because

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

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?

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About the author

Muhammad Arslan