Financial accounting Topic 3

Which of the following are income?

l Motor vehicle

ll Salaries

lll Service revenue

IV Commision received

• I and IV

• Il and lll

• lll and lV

• ll and lV

Which one of these statements is true about al non-current asset?

• An asset found as a separate classification in the statement of profit or loss

• The latest item purchased by a business

• It is expected to be realised in cash, sold or consumed within one year of the date of the statement of financial position or an enterprise's operating cycle, whichever is longer

• Assets that have a useful life of more than one year and that are acquired/bought not for resale but for use in the day-to-day business operations.

Which one of the following can be classified as an intangible asset?)

• Accounts receivables

• Loan

• Inventories

• Goodwill

Which one of the following statements is CORRECT?

• Assets + Capital = Liabilities

• Liabilities - Capital = Assets

• Assets + Liabilities = Capital

• Liabilities + Capital = Assets

Which one of the following transactions is NOT revenue?

• Performed services worth RM3,000 on credit

• Purchased a computer worth RM6,000 and RM3,000 worth of goods for cash

• (Received) a cheque for commission of RM2,000

• Sold RM9,000 worth of goods on credit