Accounting Pillars 1-10

Revenue?

Is an increase in shareholders’ equity?

Is a decrease in shareholders’ equity

Is cost of business

Has no impact on shareholders’ equity

Correct! Wrong!

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

Circulating asset

Floating asset

Tangible asset

Intangible asset

Correct! Wrong!

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

Assets

Revenue

Expense

Drawing

Correct! Wrong!

All of following are Assets except?

Account Receivable

Prepaid Rent

Bill Receivable

Unearned Income

Correct! Wrong!

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

Liabilities

Owner Equity

Expense

Asset

Correct! Wrong!

All of the following are Liabilities except?

None of given options

Note Payables

Income Receivable

Wages outstanding

Correct! Wrong!

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

Liabilities

Asset

Owner Equity

Withdrawals

Correct! Wrong!

Liabilities are?

All of given options

Created when stockholder contributed cash to company by stock exchanges

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

Obligation of the entity to outsiders

Correct! Wrong!

All of following are Expenses except?

Carriage

Wages

Rent Payable

Salaries

Correct! Wrong!

Which of the following item of revenue nature?

Fee earned

Rent incur

Dividends payable

Payment for building improvement

Correct! Wrong!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Pillars 1-10

Revenue?

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

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

All of following are Assets except?

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

All of the following are Liabilities except?

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

Liabilities are?

All of following are Expenses except?

Which of the following item of revenue nature?

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