Accounting Pillars 1-10

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

Owner Equity

Liabilities

Withdrawals

Asset

Correct! Wrong!

Liabilities are?

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

Obligation of the entity to outsiders

Created when stockholder contributed cash to company by stock exchanges

All of given options

Correct! Wrong!

All of following are Assets except?

Bill Receivable

Prepaid Rent

Account Receivable

Unearned Income

Correct! Wrong!

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

Circulating asset

Intangible asset

Tangible asset

Floating asset

Correct! Wrong!

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

Liabilities

Owner Equity

Asset

Expense

Correct! Wrong!

All of following are Expenses except?

Carriage

Wages

Salaries

Rent Payable

Correct! Wrong!

Revenue?

Is an increase in shareholders’ equity?

Is a decrease in shareholders’ equity

Has no impact on shareholders’ equity

Is cost of business

Correct! Wrong!

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

Revenue

Assets

Expense

Drawing

Correct! Wrong!

All of the following are Liabilities except?

Wages outstanding

Note Payables

Income Receivable

None of given options

Correct! Wrong!

Which of the following item of revenue nature?

Payment for building improvement

Dividends payable

Fee earned

Rent incur

Correct! Wrong!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

Liabilities are?

All of following are Assets except?

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

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

All of following are Expenses except?

Revenue?

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

All of the following are Liabilities except?

Which of the following item of revenue nature?

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