FN15W0A

A present economic resource controlled by an entity,as a result of past events that has the potential to produce future economic benefits.

Assets that are expected to be converted to cash within a year.

Which of the following scenarios increases accounts payable?

• A customer fails to pay an invoice.

• A supplier delivers raw materials on credit

• Office supplies are purchased by cash.

For every debit entry there must be a corresponding credit.

The measure of a company's worth, accounting for assets as well as debts.

What are the main sections on a balance sheet?

• Assets, Liabilities, income

• Assets, Liabilities,Equity

• Assets, Liabilities, expenses

• Assets,gains, revenue

Which of the following is not a core financial statement?

• The income statement

• Statement of cash flows

• The trial balance

• The balance sheet

When are liabilities recorded under the accrual basis of accounting?

• When incurred

• When paid

• At the end of the financial year