FIN805 Chapter 1 Revision

Different resources owned or controlled by an entity is

• Assets

• Liabilities

• Owners' Equities

• Income Accounts

It is a listing of names of the accounts that a company has identified and made available for recording transactions in its general ledger:

• Financial Statement

• Chart of accounts

• General Journal

• Trail Balance

Real estate is classified as a/an

• Asset

• Liability

• Revenue

• Expense

Accrued expense is classified as a/an

• Asset

• Liability

• Revenue

• Expense

Depreciation is classified as a/an

• Asset

• Liability

• Revenue

• Expense

A commercial document that itemizes a transaction between a buyer and a seller is called:

• Cheque

• Memo

• Receipt

• Invoice

The owner of ABC company withdraw BD500 for personal use then the proper business document that he should use is :

• Cheque

• Memo

• Receipt

• Invoice

Ahmed Company returned goods purchased on account then the proper business document that he should use is :

• Cheque

• Credit Note

• Receipt

• Invoice

Allowance for doubtful account should be classified as :

• Cross

• Common

• Capital

• Contra

Accumulated depreciation is classified as :

• Cross

• Common

• Capital

• Contra