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WorksheetsQUIZ IN FABM 1
Total questions: 10
Worksheet time: 5mins
Which of the following is NOT an Equity account?
Capital
Drawing
Office Building
None of these
______________ is NOT a revenue account.
Accrued revenue
Sales
Service Revenue
Rent Income
Freight-in is a/an_________________ account.
asset
liability
revenue
capital
expense
Which of the following does NOT describe accounting?
Accounting is an art.
Accounting is the language of the business
Accounting is an art
Accounting is a science
What are the phrases that correctly describe current asset?
restricted for use
can be sold within one year after year-end date
intended to be used by the business
for selling purposes
intangible assets
_ is one of the major accounts that refers to the obligation of the business.
(a)
Capital refers to..
_____ usually refers to money borrowed by the business from banks.
Account Payable
Mortgage Payable
Loan Payable
Note Payable
Which of the statement/phrase best describe non-current liability.
payable beyond one year
it includes account payable
payable with in one year after yea-end date
None of these
_ refers to costs incurred in the operation of the business.
(a)
