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WorksheetsPre-Test: LAS 3 - FABM 1
Total questions: 10
Worksheet time: 3mins
It is an asset that do not have a physical existence.
Current Asset
Fixed Asset
Intangible Assets
Other Asset
It is a proportion of the total value of a company’s assets that can be claimed by the owners.
Asset
Liability
Income
Owner’s Equity
What is the accounting equation?
A=L+OE
A+L=OE
A-L=OE
A+OE=L
It is anything of value or a resource of value that can be converted into cash.
Asset
Liability
Income
Owner’s Equity
It is a formal written promise to pay definite sums of money owed at specified times.
Accounts Payable
Notes Payable
Accounts Receivable
Notes Receivable
It is a business earns when it sells its products or render services.
Asset
Liability
Revenue
Expenses
It’s when the customers paid in advance for products or services that have not been delivered or rendered.
Asset
Income
Revenue
Unearned Revenue
According to matching principle states that no revenue can be earned without incurring corresponding ______________________?
Asset
Expenses
Revenue
Liability
These are obligations by the business.
Asset
Expenses
Liability
Revenue
Equity is?
A-L
A+L
A*L
A/L
