Accounting Pillars 1-10

Revenue?

Is an increase in shareholders’ equity?

Has no impact on shareholders’ equity

Is a decrease in shareholders’ equity

Is cost of business

Correct! Wrong!

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

Asset

Expense

Owner Equity

Liabilities

Correct! Wrong!

Which of the following item of revenue nature?

Fee earned

Rent incur

Payment for building improvement

Dividends payable

Correct! Wrong!

All of following are Assets except?

Prepaid Rent

Unearned Income

Bill Receivable

Account Receivable

Correct! Wrong!

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

Liabilities

Asset

Owner Equity

Withdrawals

Correct! Wrong!

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

Expense

Assets

Drawing

Revenue

Correct! Wrong!

All of following are Expenses except?

Salaries

Rent Payable

Wages

Carriage

Correct! Wrong!

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

Floating asset

Tangible asset

Intangible asset

Circulating asset

Correct! Wrong!

All of the following are Liabilities except?

Wages outstanding

Income Receivable

Note Payables

None of given options

Correct! Wrong!

Liabilities are?

Created when stockholder contributed cash to company by stock exchanges

Obligation of the entity to outsiders

All of given options

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

Correct! Wrong!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

Revenue?

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

Which of the following item of revenue nature?

All of following are Assets except?

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?

All of following are Expenses except?

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

All of the following are Liabilities except?

Liabilities are?

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