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Worksheetsrecording process
Total questions: 8
Worksheet time: 3mins
Which of the following is an essential characteristic of an asset?
The claims to an asset’s benefits are legally enforceable
An asset is tangible
An asset is obtained at a cost
An asset provides future benefits
An entity has a loan due for repayment in six months’ time, but the entity has the option to refinance for repayment two years later. The entity plans to refinance this loan. In which section of the statement of financial position should this loan be presented?
Current liabilities
Current assets
Noncurrent liabilities
Noncurrent assets
It is the total of income less expenses, excluding the components of other comprehensive income
Comprehensive income
Profit or loss
Accounting income
Economic income
Which is the correct accounting cycle?
Transaction-Journal-Ledger-Trial balance- Financial statements
Transacrion-Ledger-Journal-Financial Statement-Trial balance
Transaction- Financial statement-Ledger-Journal-Trial Balance
Transaction-Trial balance-Ledger-Journal
The following accounts are liability balances, except
bank overdraft
loan to Maya
payables
loan from bank
A trial balance shows ____?
the extraction of the income statement for a business
all the accounts and their balances at a certain date
the financial position of a business
the assets, liabilities and owner’s equity of a business
From which of the following is a ledger account prepared.
Transaction
Journal
Events
None of the above
The left hand side of the ledger account is referred to as
Footing
Credit side
Debit side
Balance
