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WorksheetsAccounting Concepts
Total questions: 9
Worksheet time: 5mins
Transactions are recorded in the period in which they occur.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
The enterprise will continue to operate in the foreseeable future.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
The properties of the owner should be separated from the properties of the business.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
The life of the business can be divided into artificial time period.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
Which of the following is a current asset?
Land
Building
Cash
Machinery
These are assets purchased for long term use and are not likely to be converted quickly into cash.
Current Assets
Non-Current Liability
Fixed Assets
Curren Liability
These are long-term liability.
Current Assets
Non-Current Liability
Fixed Assets
Curren Liability
Which of the following is not a current liability?
Interest Payable
Salaries Payable
Loan Payable
None of the above
Which of the following is the correct accounting equation?
Capital = Assets + Liabilities
Capital = Liabilities - Assets
Assets - Liabilities = Capital
Assets + Capital = Liabilities
