WorksheetsChallenge your memory
Total questions: 5
Worksheet time: 3mins
Name
Class
Date
1.
Which one is true about basic accounting equation?
a)
Asset = Equity - Liability
b)
Asset = Liability - Equity
c)
Equity = Asset - Liability
d)
Liability = Equity + Asset
2.
Which statement define liability?
a)
Property belong to company
b)
Amount owe by company
c)
Amount owe to company
d)
Capital invested in the company
3.
Which of the following belong to the category of current liability?
a)
Bank
b)
Fixed deposit
c)
Trade receivable
d)
Trade payable
4.
Which of the following account have a DR balance? (can tick more than one)
a)
Bank overdraft
b)
Trade receivable
c)
Property, plant and equipment
d)
Share capital
e)
Prepaid expenses
5.
Accrued expenses have a CR balance and it falls under the category of current liability.
a)
Yes
b)
No
100 %
