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AGR323 - CHAPTER 4

Authored by HAZWANI AZAM

Social Studies

University

Used 4+ times

AGR323 - CHAPTER 4
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following does not affecting the owner's equity?

purchase of fixed asset

change in value of asset

the business has profit or loss

owner invest more money or withdraws money from business

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Select ALL statements related to market basis balance sheet (more than 1 answer)

asset value is equal to current market value minus selling costs

asset value is equal to cost of producing the asset

has higher asset value

asset value is equal to purchase minus depreciation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner's equity will increase when ........

i - a business obtained net profit

ii - a business incurred net loss

iii - the owner withdrew cash from the company

iv- the owner brought in machinery to use in the business

i and iv

ii and iii

i and iii

ii and iv

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sun Farm bought seed and fertilizer on credit from One Nursery Sdn Bdh. What is the effect of this transaction?

Increase in both asset and liability

Increase in asset and decrease in liability

Increase liability and decrease in asset

Decrease in both asset and liability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following transaction is NOT a revenue?

Performed a services worth RM3,000 on credit for Aliff and further services worth RM5,500 cash

Purchased RM6,000 worth of drying fuel and RM3,000 worth of machinery lubricants

Received subsidy of RM7,000 and interest of RM4,000

Sold RM9,000 worth of grain crops for cash and a small tractor costing RM12,000 for RM20,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets = $25,000 and Liabilities= $15,000 what is the value of capital?

5000

10000

40000

25000

7.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

The balance sheet is also known as

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