Accounting Pillars 1-10

Liabilities are?

Obligation of the entity to outsiders

All of given options

Equal to the sum of assets plus owner’s equity?

Created when stockholder contributed cash to company by stock exchanges

Correct! Wrong!

Residual interest in the net asset of an entity that remains after deducting its liabilities is?

Liabilities

Asset

Expense

Owner Equity

Correct! Wrong!

All of following are Assets except?

Bill Receivable

Account Receivable

Prepaid Rent

Unearned Income

Correct! Wrong!

All of the following are Liabilities except?

Income Receivable

Note Payables

None of given options

Wages outstanding

Correct! Wrong!

Which of the following item of revenue nature?

Rent incur

Fee earned

Payment for building improvement

Dividends payable

Correct! Wrong!

Economic resources of business that expected to be of benefit in future time referred as?

Liabilities

Owner Equity

Withdrawals

Asset

Correct! Wrong!

All economics costs that a business incur through its operation to earn revenues?

Expense

Assets

Revenue

Drawing

Correct! Wrong!

Which of the following is an identifiable non-monetary asset without physical substance?

Floating asset

Tangible asset

Circulating asset

Intangible asset

Correct! Wrong!

Revenue?

Has no impact on shareholders’ equity

Is an increase in shareholders’ equity?

Is cost of business

Is a decrease in shareholders’ equity

Correct! Wrong!

All of following are Expenses except?

Wages

Carriage

Salaries

Rent Payable

Correct! Wrong!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

Liabilities are?

Residual interest in the net asset of an entity that remains after deducting its liabilities is?

All of following are Assets except?

All of the following are Liabilities except?

Which of the following item of revenue nature?

Economic resources of business that expected to be of benefit in future time referred as?

All economics costs that a business incur through its operation to earn revenues?

Which of the following is an identifiable non-monetary asset without physical substance?

Revenue?

All of following are Expenses except?

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