Interest paid on mortgage is
11 Accounting - Lesson 5

Quiz
•
Business
•
11th Grade
•
Medium
Catherine Ward
Used 3+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
liability
expense
revenue
owner's equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Drawings are
liability
expense
owner's equity (positive)
owner's equity (negative)
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A Statement of Financial Position is a list of all the ______, liabilities and owner's equity of an organisation at a particular point in time.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capital contributions from the owner are an example of
internal sources of funds
external sources of funds
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Another name for Accounts Receivable is
creditors
debtors
debitors
amounts payable
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Your business decides to buy shares in BHP. Where would the share investment be recorded?
Statement of Financial Position as an asset
Statement of Financial Position as owner's equity
Statement of Profit or Loss as an expense
Statement of Profit or Loss as revenue because the business will receive dividends from the shares
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The principle or concept that states that the accounting records of the business must be kept separate from the owner is known as the
Monetary principle
Accounting entity concept
Separate legal entity concept
Unlimited liability concept
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