Which of the following is NOT an asset?

WAEC Financial Accounting MCQs

Quiz
•
Others
•
12th Grade
•
Hard
Olawoye Mayowa
Used 2+ times
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34 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Machinery
Cash
Inventory
Accounts payable
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The term 'liability' refers to:
Resources owned by a business
Debts owed by a business
Investment in business
Total revenue generated
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The double-entry principle states that:
Each transaction affects two accounts equally
Each account has a single entry
Transactions are recorded once
Only cash transactions are recorded
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The trial balance helps in:
Calculating profits
Preparing budgets
Verifying ledger balances
Assessing inventory
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts is a nominal account?
Cash
Debtors
Capital
Rent expense
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The book where cash transactions are initially recorded is called:
Journal
Ledger
Cash book
Balance sheet
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The term 'drawings' refers to:
Profit earned by the business
Owner's withdrawal from the business
Loss incurred by the business
Funds added by the owner
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