| Q. |
What is the basic accounting equation?
A.
Capital+Liabilities=Assets
B.
Assets+ liabilities =Capital
C.
Capital+assets=liabilities
Answer :
Capital+Liabilities=Assets
Show Answer
|
| Q. |
Which is the most important characteristic that all assets of a business have?
C.
Intangible nature of assets
D.
Future economic benefits
Answer :
Future economic benefits
Show Answer
|
| Q. |
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
A.
Identifying transactions
B.
Preparing “T Accounts”
C.
Preparing financial statements
D.
Preparing trial balances
Answer :
Preparing financial statements
Show Answer
|
| Q. |
Liability are arisen from which of the following events?
Show Answer
|
| Q. |
An asset must be _______ by the business to be shown as an asset in its “balance sheet”
Show Answer
|
| Q. |
The gross decrease in economic benefits for the business are what?
Show Answer
|
| Q. |
________ is the gross inflow of economic benefits?
Show Answer
|
| Q. |
Liabilities are which of the following?
Show Answer
|
| Q. |
An asset posses which of the following?
A.
Future economic benefits for the business
B.
All kind of benefits for the business
C.
Expenses for the business
D.
Merits and Demerits for the business
Answer :
Future economic benefits for the business
Show Answer
|
| Q. |
________ is a separate legal entity that Total capital can be divided in many shares.
D.
Non-profit organization
Show Answer
|
