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- Multiple ChoicePlease save your changes before editing any questions.
The purpose of accounting is to....
communicate information to interested users so that they can make informed decisions
communicate financial and non-financial information to interested users so that they can make informed decisions
communicate non-financial information to interested users so that they can make informed decisions
- Multiple ChoicePlease save your changes before editing any questions.
An Asset is...
An asset is a resource currently owned and controlled by a business as a result of a past transaction
An asset is a resource owned by a business as a result of a past transaction
An asset is something that costs money
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is an example of an asset?
Vehicle
Electricity
Mortgage
- Multiple ChoicePlease save your changes before editing any questions.
A liability is...
obligation of a business as a result of a past transaction
Something a business has to pay because of a past event
current obligation of a business as a result of a past transaction
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is an example of a liability?
Loan
Building
Sales
Accounts receivable
- Multiple ChoicePlease save your changes before editing any questions.
An Expense is...
An expense is defined as a decrease in assets which can be a distribution to the owner
An expense is defined as an increase in assets which can be a distribution to the owner
An expense is defined as a decrease in assets which is not a distribution to the owner
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is an example of an expense?
Machinery
Bank
Petrol
- Multiple ChoicePlease save your changes before editing any questions.
Monetary measurement can be described as
items that can be given a money value are to be recorded in New Zealand Dollars
items that can be given a money value are to be recorded in the currency of the country they have been bought from
- Multiple ChoicePlease save your changes before editing any questions.
The Accounting Entity means...
the business is a separate accounting entity from its owner.
the business is not a separate accounting entity from its owner.
the owner has permission to takes finance from the business and spend it on personal expenses
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is an example of Income
Sales
Mortgage
Equipment