Accounting Skills Assessment Practice Questions 2023 - Part 6
1. Liabilities are?
A) Equal to the sum of assets plus ownerΓ’??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
2. Residual interest in the net asset of an entity that remains after deducting its liabilities is?
A) Owner Equity
B) Liabilities
C) Asset
D) Expense
3. Which of the following is an identifiable non-monetary asset without physical substance?
A) Tangible asset
B) Intangible asset
C) Floating asset
D) Circulating asset
4. What is owned by a business and used in carrying out its operating activities is best described as?
A) Liabilities
B) OwnerΓ’??s Equity
C) Revenues
D) Assets
5. Economic Obligations of the Business are called?
A) Liabilities
B) Assets
C) Owner Equity
D) Revenues
A) Equal to the sum of assets plus ownerΓ’??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
2. Residual interest in the net asset of an entity that remains after deducting its liabilities is?
A) Owner Equity
B) Liabilities
C) Asset
D) Expense
3. Which of the following is an identifiable non-monetary asset without physical substance?
A) Tangible asset
B) Intangible asset
C) Floating asset
D) Circulating asset
4. What is owned by a business and used in carrying out its operating activities is best described as?
A) Liabilities
B) OwnerΓ’??s Equity
C) Revenues
D) Assets
5. Economic Obligations of the Business are called?
A) Liabilities
B) Assets
C) Owner Equity
D) Revenues
1. Right Answer: C
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: B
Explanation:
4. Right Answer: D
Explanation:
5. Right Answer: A
Explanation:
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: B
Explanation:
4. Right Answer: D
Explanation:
5. Right Answer: A
Explanation:
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