Accounting terms

What are Assets?

• Resources owned by a business expected to provide future economic benefits

• Costs incurred by a business in the process of earning revenue

• Obligations that a business needs to fulfill in the future

• ncome generated from business operations

Which of the following is a Current Asset?

• Land

• Building

• Receivables

• Goodwill

What does the term Liabilities refer to?

• Economic benefits

• Long-term resources

• Financial obligations

• Revenue streams

What type of liability are a payables?

• Current Liability

• Non-Current Liability

What is Revenue?

• The cost of goods sold

• Money borrowed from lenders

• Income generated from business operations

• Money saved for future investments

Which of the following is a Non-Operating Revenue?

• Sales of products

• nterest earned on investment

• Subscription fees

• Fees from services

What are Expenses?

• Long-term debts

• Resources with future benefits

• Costs incurred to generate revenue

• Financial investments

Which of the following is an expense?

• Inventory

• Rent payable

• Interest received

• Short-term loan