Accounting Pillars (1-10)

Liabilities are?

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

All of given options

Created when stockholder contributed cash to company by stock exchanges

Obligation of the entity to outsiders

Correct! Wrong!

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

Expense

Liabilities

Owner Equity

Asset

Correct! Wrong!

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

Liabilities

Withdrawals

Asset

Owner Equity

Correct! Wrong!

Revenue?

Is cost of business

Is a decrease in shareholders’ equity

Is an increase in shareholders’ equity?

Has no impact on shareholders’ equity

Correct! Wrong!

Which of the following item of revenue nature?

Dividends payable

Fee earned

Payment for building improvement

Rent incur

Correct! Wrong!

All of following are Expenses except?

Salaries

Wages

Rent Payable

Carriage

Correct! Wrong!

All of the following are Liabilities except?

Note Payables

Wages outstanding

Income Receivable

None of given options

Correct! Wrong!

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

Assets

Drawing

Expense

Revenue

Correct! Wrong!

All of following are Assets except?

Bill Receivable

Unearned Income

Account Receivable

Prepaid Rent

Correct! Wrong!

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

Intangible asset

Circulating asset

Floating asset

Tangible asset

Correct! Wrong!

Accounting Pillars (1-10)

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

Liabilities are?

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

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

Revenue?

Which of the following item of revenue nature?

All of following are Expenses except?

All of the following are Liabilities except?

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

All of following are Assets except?

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

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