Self-test on Assets and Liabilities

Self-test on Assets and Liabilities

12th Grade

10 Qs

quiz-placeholder

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Self-test on Assets and Liabilities

Self-test on Assets and Liabilities

Assessment

Quiz

Financial Education

12th Grade

Hard

Created by

Phạm Anh

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an asset?

A trade payable

A loan

Drawings

A prepayment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a liability?

Depreciation

An accrual

Cash at bank

Plant and machinery.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital is the amount:

The entity's owners owe to it

The entity's customers owe to it

The entity owes to its creditors

The entity 'owes' to its owners

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following are assets of an entity?

Trade payables

Trade receivables

Bank overdraft

Cash in hand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the accruals concept?

Assets are matched with liabilities

Revenue is matched with expenses

Expenses are matched with assets

Income is matched with liabilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a non-current liability?

A bank overdraft

A bank loan repayable within a year

A mortgage repayable in five years' time

A trade payable

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The statement of financial position sets out the entity's:

Financial position over a period of time

Financial performance over a period of time

Financial position at one point in time

Financial performance at one point in time

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