Accounting Pillars 1-10

Revenue?

Is a decrease in shareholders’ equity

Has no impact on shareholders’ equity

Is an increase in shareholders’ equity?

Is cost of business

Correct! Wrong!

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

Assets

Drawing

Revenue

Expense

Correct! Wrong!

Liabilities are?

Created when stockholder contributed cash to company by stock exchanges

All of given options

Obligation of the entity to outsiders

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

Correct! Wrong!

All of the following are Liabilities except?

None of given options

Income Receivable

Wages outstanding

Note Payables

Correct! Wrong!

Which of the following item of revenue nature?

Dividends payable

Fee earned

Rent incur

Payment for building improvement

Correct! Wrong!

All of following are Expenses except?

Wages

Rent Payable

Salaries

Carriage

Correct! Wrong!

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

Asset

Withdrawals

Liabilities

Owner Equity

Correct! Wrong!

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

Circulating asset

Tangible asset

Floating asset

Intangible asset

Correct! Wrong!

All of following are Assets except?

Unearned Income

Account Receivable

Prepaid Rent

Bill Receivable

Correct! Wrong!

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

Expense

Asset

Liabilities

Owner Equity

Correct! Wrong!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

Revenue?

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

Liabilities are?

All of the following are Liabilities except?

Which of the following item of revenue nature?

All of following are Expenses except?

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?

All of following are Assets except?

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

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