1. 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



2. 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



3. What is owned by a business and used in carrying out its operating activities is best described as?

A) Liabilities
B) Ownerâ??s Equity
C) Revenues
D) Assets



4. Economic Obligations of the Business are called?

A) Liabilities
B) Assets
C) Owner Equity
D) Revenues



5. Which of the following item of revenue nature?

A) Dividends payable
B) Rent incur
C) Fee earned
D) Payment for building improvement