Elements Definitions
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Joshua Purcell
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present economic resource controlled by an entity as a result of past events that is reasonably expected provide an inflow of future economic benefits (converted to cash, sold or consumed) within the next 12 months.
Current asset
Non-current asset
Current liability
Non-current liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present economic resource controlled by an entity as a result of past events that is not held for resale and is reasonably expected to be used to provide an inflow of future economic benefits for more than the next 12 months.
Current asset
Non-current asset
Current liability
Non-current liability
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present obligation of an entity to transfer (outflow) an economic resource as a result of past events that is reasonably expected to be settled within 12 months.
Current asset
Non-current asset
Current liability
Non-current liability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present obligation of an entity to transfer (outflow) an economic resource as a result of past events that is not required to be settled within 12 months.
Current asset
Non-current asset
Current liability
Non-current liability
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The residual interest in the assets of the entity after deducting all its liabilities.
Owner's Equity
Revenue
Expense
Asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present economic resource controlled by an entity as a result of past events that has the potential to produce future economic benefits.
Owner's Equity
Revenue
Expense
Asset
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present obligation of an entity to transfer (outflow) an economic resource as a result of past events.
Owner's Equity
Revenue
Expense
Liability
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