
ARFB113 - Topic 2

Quiz
•
Education
•
University
•
Hard
Nik Najebah
Used 1+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal of every business?
Customer satisfaction
Profit making
Creative innovation
Risk management
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a branch of accounting?
Management Accounting
Financial Accounting
Taxation
Marketing Accounting
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Statement of Financial Position represent?
The financial position at a specific point in time
The income earned over a period
The cash inflows and outflows
The changes in equity over time
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which accounting concept ensures that expenses are matched with revenues?
Matching concept
Going concern
Prudence concept
Materiality concept
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of an asset?
A decrease in liabilities
The residual interest in the assets of the entity
A right that has the potential to produce economic benefits
A present obligation to transfer an economic resource
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In cash accounting, when are revenues reported?
When cash is received
When expenses are paid
When earned
At the end of the accounting period
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a current liability?
Trade payables
Bank loans due in five years
Mortgages
Long-term loans
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