
Very, Very, Very Important Definitions
Quiz
•
Other
•
11th Grade
•
Practice Problem
•
Easy
Lesley Burrows
Used 2+ times
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38 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of an Asset?
Any item owned by an entity and used to generate benefits for one year or more in the future.
A liability that must be paid within the next month.
A service provided by a third party to an organization.
A document that records only cash transactions.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of an Asset?
Loan
Land
Trade payables
Other payables
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An asset that is expected to generate benefits for more than one year is called a:
Current asset
Non-current asset
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of a Liability?
Amounts owed by an entity which must be repaid within 1 year or after 1 year.
Assets owned by an entity that generate revenue.
Profits earned by a company during a financial year.
Expenses paid in advance for future benefits.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a Liability?
Inventory
Trade receivables
Trade payables
Land
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A liability that must be repaid within one year is called a:
Non-current liability
Current liability
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of 'Capital'?
Owners’ investment in a business.
Profit re-invested in business.
The total sales of a business.
The number of employees in a business.
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