FA1: Topic 2 v1

How to calculate owner's equity in accounting equation?

• Assets - Liabilities

• Assets + Liabilities

• Liabilites + owner's equity

• Asset - Owner's equity

Increase in Liabilities: Increase in assets?

• Credit: Debit

• Debit: Credit

• Debit:Debit

• Credit:Credit

Mortgage is classified into which account?

• Non Current Assets

• Non Current Liabilities

• Current Liabilities

• Owner's Equity

Drawings classified into which account?

If drawings is increase, it will be ________ side.

• Liabilities: Debit

• Assets: Credit

• Owner's equity: debit

• Owner's equity: credit

The following are non current assets, EXCEPT?

• Premise

• Marketable securities

• Machine

• Patent

Which are the following are the listing of current assets?

• Bank overdraft, Stock & Debtors

• Stock, Debtors & Bank

• Stock, Franchise & Bank

• Stock, Debtors & Creditors

"personal used" is a keyword for?

• Business performance

• Drawings

• Assets

• Trademark

Decrease in owner's equity will effects on __________ side.

• Credit

• Debit

• Debit and Credit

• None

Air conditioner : Printer, both items will be classified into which account?:

• Fixture and fittings: Equipment

• Equipment: Fixture and fitting

• Furniture: Equipment

• Premise: Machinery

How to differentiate between current and non-current?

• Current: within 1 year

  Non Current: more than 1 years

• Current: more than 1 year

  Non Current: within 1 years

• Current: more than 12 months

  Non Current: within 12 months

• Current: within 24 moths

  Non Current: more than 24 months