Accounting Skills Assessment Practice Questions 2023 - Part 5
1. Which of the following groups use financial accounting information?
A) Management, employees, shareholders and lenders
B) Suppliers, customers and competitors
C) Tax authorities, government and general public
D) All of the above
2. Someone who uses accounting information is?
A) A user
B) An external user
C) An internal user
D) A manager
3. Economic resources of business that expected to be of benefit in future time referred as?
A) Owner Equity
B) Liabilities
C) Withdrawals
D) Asset
4. Which of the following is the liability?
A) Loose tools
B) Bill payable
C) Note Receivable
D) Electricity bill
5. Which of the following is a liability?
A) Petty cash
B) Loose tools
C) Unearned Revenue
D) Leasehold premises
A) Management, employees, shareholders and lenders
B) Suppliers, customers and competitors
C) Tax authorities, government and general public
D) All of the above
2. Someone who uses accounting information is?
A) A user
B) An external user
C) An internal user
D) A manager
3. Economic resources of business that expected to be of benefit in future time referred as?
A) Owner Equity
B) Liabilities
C) Withdrawals
D) Asset
4. Which of the following is the liability?
A) Loose tools
B) Bill payable
C) Note Receivable
D) Electricity bill
5. Which of the following is a liability?
A) Petty cash
B) Loose tools
C) Unearned Revenue
D) Leasehold premises
1. Right Answer: D
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: C
Explanation:
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: C
Explanation:
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