FIVE MAJOR TYPES OF ACCOUNTS

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

• Equity

• Assets

• Liabilities

• Revenues

Liabilities are

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

• Created when stockholder contributed cash to company by stock exchanges

• Obligation of the entity to outsiders

All of following are Assets except

• A. Prepaid Rent

• B. Goodwill

• C. Unearned Income

• B and C

Revenue

• Is a decrease in shareholders’ equity

• Is cost of business

• Has no impact on shareholders’ equity

• Is an increase in shareholders’ equity

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

• Tangible asset

• Intangible asset

• Current asset

• Fixed asset

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

• Owner Equity

• Liabilities

• Assets

• Expenses

All of following are Expenses except

• wages

• rent payable

• delivery charge

• salaries

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

• Asset

• Drawing

• Expense

• Revenue

All of the following are Liabilities except

• Notes Payable

• Unearned Revenue

• Accounts Receivable

• Mortgage Payable

All are examples of intangible assets EXCEPT

• Dividends

• Copyright

• Logo

• Trademark