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WorksheetsFIVE MAJOR TYPES OF ACCOUNTS
Total questions: 10
Worksheet time: 5mins
Economic resources of business that expected to be of benefit in future time referred as?
Equity
Assets
Liabilities
Revenues
Liabilities are
Equal to the sum of assets plus owner’s equity
Created when stockholder contributed cash to company by stock exchanges
Obligation of the entity to outsiders
All of following are Assets except
A. Prepaid Rent
B. Goodwill
C. Unearned Income
B and C
Revenue
Is a decrease in shareholders’ equity
Is cost of business
Has no impact on shareholders’ equity
Is an increase in shareholders’ equity
Which of the following is an identifiable non-monetary asset without physical substance?
Tangible asset
Intangible asset
Current asset
Fixed asset
Residual interest in the net asset of an entity that remains after deducting its liabilities is
Owner Equity
Liabilities
Assets
Expenses
All of following are Expenses except
wages
rent payable
delivery charge
salaries
All economic costs that a business incur through its operation to earn revenues?
Asset
Drawing
Expense
Revenue
All of the following are Liabilities except
Notes Payable
Unearned Revenue
Accounts Receivable
Mortgage Payable
All are examples of intangible assets EXCEPT
Dividends
Copyright
Logo
Trademark
