Q.1
How do we calculate Total Assets?
  • Fixed Assets - Current Liabilities
  • Current Assets / Current Liabilities
  • Fixed Assets + Current Assets
  • Fixed Assets - Current Assets
Q.2
A person's account who owes money to the business for goods or services supplied is known as___________.
  • Assets
  • Accounts Receivable
  • Accounts Payable
  • Capital
Q.3
Which of the following is not an example of Non-current Asset.
  • Building
  • Motor Vehicle
  • Office Equipment
  • Inventory
Q.4
Which of the following current assets should be listed last in the Statement of Financial Position?
  • Cash in Bank
  • Inventory
  • Cash
  • Accounts Receivable
Q.5
A supplier's account to whom money is owed to for goods or services supplied is known as___________.
  • Assets
  • Accounts Receivable
  • Accounts Payable
  • Capital
Q.6
What is the name given to the account in which the owner withdraws money from the business?
  • Assets
  • Liability
  • Drawings
  • Capital
Q.7
Which of the following Non-current assets should be listed first in the Statement of Financial Position?
  • Land and Building
  • Fixture and Fittings
  • Machinery
  • Motor Vehicle
Q.8
Which of the following is an example of current liability?
  • Cash
  • Accounts Receivable
  • Accounts Payable
  • Capital
Q.9
Assets that likely to change to change into cash in the near future are called____________________.
  • Assets
  • Current Assets
  • Non-current Assets
  • Capital
Q.10
_________________ are monies owed and are due for repayment in the short term
  • current liability
  • non-current liability
  • current asset
  • capital
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