Accounts Q1
Authored by Carissa Ramnarine
Education
10th Grade
Used 9+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is NOT a non-current asset?
Building
Machinery
Cash in bank
Motor vehicle
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which group of people may be interested in viewing a company's financial statements to ensure that they are profitable enough to repay money owed to them?
Government
Employees
Customers
Suppliers
3.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
Which of the following describes the accounting equation?
Assets + capital = liabilities
Assets = liabilities + capital
liabilities + assets = capital
liabilities - capital = assets
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Profit is important for several reasons. Which of the following is NOT a reason for which profit may be used?
Building roads
Expansion
Research and development
Payment to shareholders for investment
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Liabilities are amounts that the company
Owns
Has in their bank account
Is going to receive
owes
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Trade receivables is otherwise known as
Suppliers
Customers
Credit customers
Owners
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Non-current assets are bought with the intention of being used in the business for what period of time?
6 months
more than one year
one year
10 years
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