1. Someone who uses accounting information is?

A) A user
B) An external user
C) An internal user
D) A manager



2. Economic resources of business that expected to be of benefit in future time referred as?

A) Owner Equity
B) Liabilities
C) Withdrawals
D) Asset



3. Which of the following is the liability?

A) Loose tools
B) Bill payable
C) Note Receivable
D) Electricity bill



4. Which of the following is a liability?

A) Petty cash
B) Loose tools
C) Unearned Revenue
D) Leasehold premises



5. Liabilities are?

A) Equal to the sum of assets plus ownerâ??s equity?
B) Created when stockholder contributed cash to company by stock exchanges
C) Obligation of the entity to outsiders
D) All of above are correct