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ACCOUNTING EQUATION AND CLASSIFICATIONS

Authored by Lisbeth Muhammad

Business

8th Grade

Used 8+ times

ACCOUNTING EQUATION AND CLASSIFICATIONS
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

1.           Which of the following equations correctly represents a basic accounting equation?

Assets = Owner's equity

Assets = Liabilities

Assets = Cash

  Assets – Liabilities = Owner’s equity

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Assets – Capital – Liabilities + Expenses is equal to

Expenses

Assets

Revenues

  Liabilities

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

  Which of the following items CANNOT be considered as a revenue?

 

Commission income

Accounts receivable

Rent received

Interest revenue

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The debts to be paid within a short period (a year or less) are known as          

Non-Current liabilities

Non-current assets

Current liabilities

Current assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of tangible non-current asset?   

 

Furniture

Cash

Patents

Accounts payable

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is an example of a liability?

 

  Loan from Bank Kaya Bhd

Loan to Ramlee

Office equipment

Fixed deposit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic resources in the company that are expected to provide benefits in the future are referred to as:

 

  

Liabilities

Revenues

Assets

     Owner’s equity

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