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Quiz 3
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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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