Accounting Pillars 1-10

All of following are Assets except?

Unearned Income

Account Receivable

Prepaid Rent

Bill Receivable

Correct! Wrong!

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

Asset

Owner Equity

Liabilities

Withdrawals

Correct! Wrong!

Liabilities are?

All of given options

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

Created when stockholder contributed cash to company by stock exchanges

Obligation of the entity to outsiders

Correct! Wrong!

Which of the following item of revenue nature?

Rent incur

Fee earned

Dividends payable

Payment for building improvement

Correct! Wrong!

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

Circulating asset

Intangible asset

Tangible asset

Floating asset

Correct! Wrong!

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

Owner Equity

Asset

Expense

Liabilities

Correct! Wrong!

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

Revenue

Expense

Drawing

Assets

Correct! Wrong!

All of following are Expenses except?

Wages

Carriage

Rent Payable

Salaries

Correct! Wrong!

All of the following are Liabilities except?

None of given options

Income Receivable

Wages outstanding

Note Payables

Correct! Wrong!

Revenue?

Is a decrease in shareholders’ equity

Is an increase in shareholders’ equity?

Has no impact on shareholders’ equity

Is cost of business

Correct! Wrong!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

All of following are Assets except?

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

Liabilities are?

Which of the following item of revenue nature?

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

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

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

All of following are Expenses except?

All of the following are Liabilities except?

Revenue?

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