Question 1

Which of the following are examples of Prepaid Asset?

Accepted Answer

Supplies

Answer

Land

Answer

Accounts Receivable

Answer

Cash

Question 2

Does an asset must have a physical substance?

Accepted Answer

Strongly Agree

Question 3

Which of the following could be classified as a current asset for a furniture retailer?

Accepted Answer

Furniture held for resale

Answer

Accounts Payable

Answer

Capital

Answer

Office Equipment

Question 4

What type of financial statement is shown in the picture below?

Accepted Answer

Statement of Financial Position

Answer

Statement of Comprehensive Income

Answer

Statement of Cash Flow

Answer

Statement of Owner's Equity

Question 5

Which of the following pictures is NOT an example of Asset

Accepted Answer

https://uploads.quizalize.com/42698586-a5e2-40c3-864f-cb835d5e5b0c/question/2da35e215257605909aac03bb06d3040a8a912f3.jpg

Answer

https://uploads.quizalize.com/42698586-a5e2-40c3-864f-cb835d5e5b0c/question/11e0c7760475627aea535129f37893dd3bb8444b.jpg

Answer

https://uploads.quizalize.com/42698586-a5e2-40c3-864f-cb835d5e5b0c/question/c9e532f2e9889baf4113af5b0f62a5da909f2837.jpg

Answer

https://uploads.quizalize.com/42698586-a5e2-40c3-864f-cb835d5e5b0c/question/370c30389cbf0e489fc08a3d60e33565ff5e6742.jpg

Question 6

The statement of financial position is also referred as the:

Accepted Answer

Balance Sheet

Question 7

Arrange the following financial statements based on its proper order of preparation

Accepted Answer

Statement of Comprehensive Income,Statement of Owner's Equity,Statement of Financial Position

Question 8

One of the disadvantage of Sole Proprietorship business is its limited life

Accepted Answer

true

Answer

false

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