Accounting Pillars (1-10)

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

(a) Owner Equity

(b) Liabilities

(c) Withdrawals

(d) Asset

Correct! Wrong!

2. Liabilities are?

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

(b) Created when stockholder contributed cash to company by stock exchanges

(c) Obligation of the entity to outsiders

(d) All of above are correct

Correct! Wrong!

3. All of following are Assets except?

(a) Prepaid Rent

(b) Goods

(c) Unearned Income

(d) b and c

Correct! Wrong!

4. Revenue?

(a) Is a decrease in shareholders’ equity

(b) Is cost of business

(c) Has no impact on shareholders’ equity

(d) Is an increase in shareholders’ equity?

Correct! Wrong!

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

(a) Tangible asset

(b) Intangible asset

(c) Floating asset

(d) Circulating asset

Correct! Wrong!

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

(a) Owner Equity

(b) Liabilities

(c) Asset

(d) Expense

Correct! Wrong!

7. All of following are Expenses except?

(a) Wages

(b) Rent Payable

(c) Salaries

(d) Carriage

Correct! Wrong!

8. Which of the following item of revenue nature?

(a) Dividends payable

(b) Rent incur

(c) Fee earned

(d) Payment for building improvement

Correct! Wrong!

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

(a) Assets

(b) Drawing

(c) Expense

(d) Revenue

Correct! Wrong!

10. All of the following are Liabilities except?

(a) Income Receivable

(b) Note Payables

(c) Wages outstanding

(d) None

Correct! Wrong!

Accounting Pillars (1-10)

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

2. Liabilities are?

3. All of following are Assets except?

4. Revenue?

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

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

7. All of following are Expenses except?

8. Which of the following item of revenue nature?

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

10. All of the following are Liabilities except?

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