WorksheetsMajor Accounts
Total questions: 15
Worksheet time: 8mins
Which of the following is not an example of residual equity over assets of a business enterprise?
Liabilities
Owner's Interest
Capital
Net Assets
Which of the following would NOT be a current asset?
Prepaid Insurance
Accounts Payable
Supplies
Land
Which of the following is noncurrent liabilities?
Accrued expense payable
Unearned revenues
Bonds payable
Taxes payable
Which of the following statement is incorrect?
An estimated amount may be assigned to a liability when it is presented in the balance sheet.
The settlement of a liability requires cash payment.
Liabilities represent present economic obligations that would require future settlement.
Liabilities can result from accepted trade practices or business commitments.
An item NOT generally classified as a current asset is:
Trade receivables
Patent
Inventories
Prepaid rent
An item NOT generally classified as a current liability is:
Bonds payable
Accrued interest payable
Revenue received in advance
Accounts payable
Unearned revenues is what type of account?
Asset
Liability
Equity
No correct answer
Which of the following is not true of a liability of the business?
The obligation involves a responsibility to settle with a definite or known party.
A reliable estimated monetary value can be assigned to an obligation
The past transaction or event has resulted in an obligation
The obligation to settle cannot be avoided.
If the tenant who is occupying a space owned by the enterprise has not paid the rent for May, the enterprise would have ________ as of May 31?
Accrued Rent income
Rent payable
Unearned rent income
No correct answer
Which of the following is not included in other revenues and expenses?
Rent income
Interest income
Interest expenses
Rent expense
Which of the following items may appear in a balance sheet?
Capital, drawing, and net income
Capital, drawing, and expenses
Capital, Drawing, and income
Drawing, income and expenses
The accounting elements in the Balance sheet include:
Assets, liabilities and equity
Liabilities, revenues, and gains
Assets, liabilities, and losses.
Income and expenses
______represent those economic resources owned and/or controlled by the enterprise, and which are expected to have future usefulness to the business.
Equity
Assets
Liabilities
All of the answers are correct
The period covered by the prepared financial statements:
Should be of the same length all the time.
Cannot be longer than 12 months.
Cannot be shorter than 12 months.
Cannot end at the middle of a month.
Probable future sacrifices of economic benefits arising from past transactions are known as:
Expenses
Assets
Liabilities
Income
