Accounting Pillars 1-10

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

Liabilities

Expense

Owner Equity

Asset

Correct! Wrong!

Liabilities are?

Obligation of the entity to outsiders

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

All of given options

Created when stockholder contributed cash to company by stock exchanges

Correct! Wrong!

All of following are Assets except?

Bill Receivable

Account Receivable

Prepaid Rent

Unearned Income

Correct! Wrong!

All of following are Expenses except?

Rent Payable

Salaries

Carriage

Wages

Correct! Wrong!

Revenue?

Is an increase in shareholders’ equity?

Is cost of business

Is a decrease in shareholders’ equity

Has no impact on shareholders’ equity

Correct! Wrong!

Which of the following item of revenue nature?

Dividends payable

Rent incur

Payment for building improvement

Fee earned

Correct! Wrong!

All of the following are Liabilities except?

Income Receivable

Note Payables

Wages outstanding

None of given options

Correct! Wrong!

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

Expense

Revenue

Assets

Drawing

Correct! Wrong!

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

Liabilities

Asset

Withdrawals

Owner Equity

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!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

Liabilities are?

All of following are Assets except?

All of following are Expenses except?

Revenue?

Which of the following item of revenue nature?

All of the following are Liabilities except?

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

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

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

Search