Fundamentals of Business Operations Unit 6 Revision

Office Equipment is an example of a/an __________

• Asset

• Liability

• Owner's Equity

Cash Receivables is an example of __________

• Asset

• Liability

• Owner's Equity

Trade Payables is an example of __________

• Asset

• Liability

• Owner's Equity

Inventory is an example of __________

• Assets

• Liability

• Owner's Equity

Which of the following are correct?

• Assets - Liabilities = Owner's Equity

• Liabilities + Owner's Equity = Assets

• Assets + Liability = Owner's Equity

• Liability - Owner's Equity = Assets

Which of the following is not an asset?

• Loan from Bank

• Cash in Bank

• Trademark

• Transport vehicle

Which of the following is an asset?

• Branding

• Bank overdraft

• Fees due to supplier

• Outstanding amount from company's credit facility

Anything of value that is owned or controlled by an individual, company, or organization with the expectation of generating future economic benefits is called a/an (a)  

Which of the following are assets?

• Patents

• Trademarks

• Goodwill

• Copyrights

A (a)   is a present obligation to transfer an economic resource in the future