TASK 3 Quiz

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Key categories and examples

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NelyFatinnAfisah AtikahEillieAnis

Malaysia

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TASK 3 Quiz


TASK 3 QuizVersion en ligne Key categories and examples par NelyFatinnAfisah AtikahEillieAnis 1 Which of the following is an asset? a Accounts payable b Owner's equity c Cash d Revenue 2 Which item is NOT an asset? a Inventory b Equipment c Cash d Accounts payable 3 Which is a liability? a Cash b Owner's equity c Service revenue d Accounts payable 4 Which item represents a liability? a Service revenue b Rent expense c Bank loan payable d Cash 5 Which is revenue? a Accounts receivable b Accounts payable c Service revenue d Rent expense 6 Which option is revenue? a Sales revenue b Utilities expense c Owner's equity d Cash 7 Which is part of owner's equity? a Accounts payable b Common stock c Cash d Service revenue 8 Which transaction increases owner's equity? a Payment of a liability b Owner contributes capital (owner’s investment) c Payment of utilities expense d Purchase of equipment on credit 9 Which is an expense? a Accounts receivable b Cash c Service revenue d Rent expense 10 Which decreases owner's equity when incurred? a Service revenue b Cash c Common stock d Salaries expense Feedback 1 Assets are resources owned by the business, like cash. 2 Accounts payable is a liability, not an asset. 3 Liabilities are obligations; accounts payable is money owed. 4 A bank loan payable is a borrowings liability. 5 Revenue is income from delivering goods or services. 6 Revenue reflects earnings from operations. 7 Common stock represents owner-claim in the business. 8 Owner investments increase equity; expenses or liabilities do not. 9 Expenses cost the business, e.g., rent. 10 Expenses reduce net income and thus owner's equity.

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TASK 3 Quiz

Test

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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TASK 3 QuizVersion en ligne

par NelyFatinnAfisah AtikahEillieAnis

Which of the following is an asset?

Which item is NOT an asset?

Which is a liability?

Which item represents a liability?

Which is revenue?

Which option is revenue?

Which is part of owner's equity?

Which transaction increases owner's equity?

Which is an expense?

Which decreases owner's equity when incurred?

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