Master Your Financial Literacy: Asset and Liability Quiz
Master Your Financial Literacy: Asset and Liability Quiz
Test your knowledge of essential accounting principles with our engaging quiz designed to deepen your understanding of assets, liabilities, and more. Whether you're a student, teacher, or just someone looking to enhance their financial acumen, this quiz is tailored for you!
- 30 carefully crafted questions
- Assess your knowledge and improve your understanding
- Ideal for learners and professionals alike
Essential quality of an asset
Business should own it
See,hear,use it
Bring economic benefit
Possible to sell
Which statement describes a liability
Amount by which expenses exceed income of a business
Amount by which have to be repaid within accounting period
Amounts owed
Amounts payable within one year after end of accounting period
Balance in capital ac represents
Total of all assets of the business
Cash and any other assets introduced by owner as commencement of business
Cash introduced by owner as commencement of business
Total assets of the business minus its liabilities at any time
What is the accounting period
Calendar year
12 months ending on anniversary of commencing business
One year
Any regular period, usually 12 months selected by a business for reporting accounting info
Owner pays in additional 50,000, As a result the....
Assets & capital will decrease
Liabilities & capital will increase
Assets will increase and liabilities will decrease
Assets and capital will increase
If a transaction reduces assets & liabilities by 100,000, which of the following transactions is it likely to be?
Discharge of loan
Disposal of asset
Introduction of capital
Sale of goods
Which of the following is the accounting equation?
Liabilities = assets + owners capital
Assets = liabilities - owners capital
Assets - liabilities = owners capital
Owners capital = assets = capital
How would you define the net assets of the business
Total assets - owners capital
Total assets + liabilities
Total assets - liabilities
Owners capital + liabilities
Total assets = 189,000 Total liabilities = 126,000. What is the owners capital?
63,000
126,000
189,000
315,000
Businesses prepare their annual financial statements using balance/balances in.....
All accounts in ledger & balance in cash ac
The cash book
Trial balance
All accounts in ledger
List of balances in all accounts remaining after the income & expenses accounts have been closed by transfer of their balances to the income statement is called.....
List of balances
Trial balance
Balance sheet
Statement of affairs
Which is correct? A statement of financial position reports....
How well off a business is at that date
Wealth of one owning the business
Assets & liabilities as stated in the accounting records of a business
Balances in all the ledger accounts
Effect of credit entry on the balance in a ledger is to.....
Increase balance in relevant ac
Decrease balance in relevant ac
Increase balance in asset & expenditure & decrease balance in others
Increase balance in capital, income & liability & decrease balance in asset or expense ac
Which is correct? According to the rules of double entry.....
Debit entry increase balance in assets & expense ac
Credit entry increase balance in income, liability & capital ac
Debit entry increase balance in capital ac
Debit entry decreases or eliminates balances in income & liability ac
Owner transfers private car into business for staff use. The effect of this
Decreases owner capital & increases liabilities
Increases owners capital & increase assets
Decrease assets & decreases liabilities
Increase assets & increase liabilities
Effect of debiting depreciation costs to equipment ac
Gross profit understated
Net profit understated
Net profit overstated
No effect
Rent bill totalling 14,000 paid but 1,500 was outstanding, What figure is transferred to income statement?
13,000
15,500
11,500
1,500
Two current liabilities found in a limited company & sole traders statement of financial position are....
Trade payable & bank
Corporation tax & dividends
Dividends & accrual
Trade payable & dividends
Issued capital of a company is....
Same as authorised capital
Same as loan note
Equal to the reserves of the company
None of the above
Which of the following is correct?
Assets - capital = liabilities
Liabilities + capital = assets
Liabilities + assets = capital
Assets - liabilities = capital
Machine price: 3,200 Depreciation rate: 25% Using reducing balance method, what is the remaining book value after 3 years
1,600
2,400
1,800
1,350
A provision for bad debt is created
When trade receivables become bankrupt
When trade receivables cease to be in business
To provide for possible bad debts
To write off bad debts
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