Accounting Pillars 1-10

All of following are Assets except?

Account Receivable

Unearned Income

Prepaid Rent

Bill Receivable

Correct! Wrong!

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

Tangible asset

Floating asset

Circulating asset

Intangible asset

Correct! Wrong!

All of the following are Liabilities except?

None of given options

Income Receivable

Wages outstanding

Note Payables

Correct! Wrong!

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

Assets

Expense

Drawing

Revenue

Correct! Wrong!

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

Liabilities

Withdrawals

Owner Equity

Asset

Correct! Wrong!

Revenue?

Is an increase in shareholders’ equity?

Is cost of business

Is a decrease in shareholders’ equity

Has no impact on shareholders’ equity

Correct! Wrong!

Liabilities are?

All of given options

Obligation of the entity to outsiders

Created when stockholder contributed cash to company by stock exchanges

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

Correct! Wrong!

Which of the following item of revenue nature?

Rent incur

Fee earned

Payment for building improvement

Dividends payable

Correct! Wrong!

All of following are Expenses except?

Carriage

Salaries

Rent Payable

Wages

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!

Accounting Pillars 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

All of following are Assets except?

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

All of the following are Liabilities except?

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

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

Revenue?

Liabilities are?

Which of the following item of revenue nature?

All of following are Expenses except?

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

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