ACC111 at University Of Mindanao | Flashcards & Summaries

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TESTE DEIN WISSEN

Classify the account: SALES

a. Non-current liabilities

b. Investment Property 

c. Contra Assets

 d. Current Assets 

e. Other Assets f. Revenue 

g. Current Liabilities 

h. Investment i. Property, plant and Equipment 

j. Operating Expenses

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TESTE DEIN WISSEN

Revenue

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TESTE DEIN WISSEN

Classify the account: ACCOUNTS PAYABLE

Select one:

a. Property, Plant and Equipment 

b. Investment Property

 c. Revenue 

d. Current Liabilities 

e. Operating Expenses

 f. Non-current liabilities 

g. Current Assets 

h. Investment 

i. Other Assets 

j. Contra Assets

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TESTE DEIN WISSEN

 Current Liabilities

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TESTE DEIN WISSEN

The accounting equation states that “Assets = Liabilities + Owner's Equity", what do you call the excess of assets over liabilities?

Select one:

a. Net Liability

 b. None of the above 

c. Owner's Equity 

d. Entity


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TESTE DEIN WISSEN

 Owner's Equity

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TESTE DEIN WISSEN

What accounting concept means that similar items should receive a similar accounting treatment?

Select one:

a. Comparability 

b. Consistency 

c. Prudence 

d. Objectivity

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TESTE DEIN WISSEN

Consistency

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TESTE DEIN WISSEN

This is an element that increases assets or decreases in liabilities that result in increases in equity other than those relating to contributions of owners.

Select one:

a. Assets 

b. Gains 

c. Losses 

d. Income


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TESTE DEIN WISSEN

Income

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TESTE DEIN WISSEN

It is defined as controlled by the enterprise as a result of past transaction and events and from which future economic benefits are expected to flow to the enterprise.

Select one:

a. Assets 

b. Revenue 

c. Expense 

d. Liability

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TESTE DEIN WISSEN

Assets

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TESTE DEIN WISSEN

Classify the account: BUILDING FOR LEASE

Select one:

a. Operating Expenses 

b. Contra Assets 

c. Current Liabilities 

d. Property, Plant and Equipment 

e. Other Assets

 f. Investment 

g. Current Assets

 h. Non-current liabilities 

i. Revenue 

j. Investment Property

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TESTE DEIN WISSEN

Investment Property

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TESTE DEIN WISSEN

Classify the account: FACTORY BUILDING

Select one:

a. Revenue

 b. Property, Plant and Equipment 

c. Operating Expenses 

e. Investment Property 

 F. Contra Assets

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TESTE DEIN WISSEN

Property, plant and Equipment

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TESTE DEIN WISSEN

Classify the account: RENT INCOME

Select one:

a. Non-current liabilities 

b. Current Liabilities 

c. Investment Property 

d. Revenue

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TESTE DEIN WISSEN

 Revenue

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TESTE DEIN WISSEN

Classify the account: UNEARNED UNCOME

Select one:

a. Current Assets 

b. Current Libalilitues

c. Revenue 

d. Operating Expenses 

e. Investment Property 

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TESTE DEIN WISSEN

Current Liabilities

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TESTE DEIN WISSEN

Classify the account: SUPPLIES ON HAND

Select one:

a. Operating Expenses 

b. Revenue 

c. Non-current liabilities 

d. Current  Assets 

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TESTE DEIN WISSEN

Current Assets

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TESTE DEIN WISSEN

Classify the account: DOUBTFUL ACCOUNTS EXPENSE

a. Non-current liabilities 

b. Operating Expenses 

c. Revenue 

d. Current Liabilities 

e. Investment Property 

f. Property, Plant and Equipment 

g. Other Assets

 h. Investment 

i. Current Assets

j. Contra Assets


Lösung anzeigen
TESTE DEIN WISSEN

The correct answer is: Operating Expenses

Lösung ausblenden
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Q:

Classify the account: SALES

a. Non-current liabilities

b. Investment Property 

c. Contra Assets

 d. Current Assets 

e. Other Assets f. Revenue 

g. Current Liabilities 

h. Investment i. Property, plant and Equipment 

j. Operating Expenses

A:

Revenue

Q:

Classify the account: ACCOUNTS PAYABLE

Select one:

a. Property, Plant and Equipment 

b. Investment Property

 c. Revenue 

d. Current Liabilities 

e. Operating Expenses

 f. Non-current liabilities 

g. Current Assets 

h. Investment 

i. Other Assets 

j. Contra Assets

A:

 Current Liabilities

Q:

The accounting equation states that “Assets = Liabilities + Owner's Equity", what do you call the excess of assets over liabilities?

Select one:

a. Net Liability

 b. None of the above 

c. Owner's Equity 

d. Entity


A:

 Owner's Equity

Q:

What accounting concept means that similar items should receive a similar accounting treatment?

Select one:

a. Comparability 

b. Consistency 

c. Prudence 

d. Objectivity

A:

Consistency

Q:

This is an element that increases assets or decreases in liabilities that result in increases in equity other than those relating to contributions of owners.

Select one:

a. Assets 

b. Gains 

c. Losses 

d. Income


A:

Income

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Q:

It is defined as controlled by the enterprise as a result of past transaction and events and from which future economic benefits are expected to flow to the enterprise.

Select one:

a. Assets 

b. Revenue 

c. Expense 

d. Liability

A:

Assets

Q:

Classify the account: BUILDING FOR LEASE

Select one:

a. Operating Expenses 

b. Contra Assets 

c. Current Liabilities 

d. Property, Plant and Equipment 

e. Other Assets

 f. Investment 

g. Current Assets

 h. Non-current liabilities 

i. Revenue 

j. Investment Property

A:

Investment Property

Q:

Classify the account: FACTORY BUILDING

Select one:

a. Revenue

 b. Property, Plant and Equipment 

c. Operating Expenses 

e. Investment Property 

 F. Contra Assets

A:

Property, plant and Equipment

Q:

Classify the account: RENT INCOME

Select one:

a. Non-current liabilities 

b. Current Liabilities 

c. Investment Property 

d. Revenue

A:

 Revenue

Q:

Classify the account: UNEARNED UNCOME

Select one:

a. Current Assets 

b. Current Libalilitues

c. Revenue 

d. Operating Expenses 

e. Investment Property 

A:

Current Liabilities

Q:

Classify the account: SUPPLIES ON HAND

Select one:

a. Operating Expenses 

b. Revenue 

c. Non-current liabilities 

d. Current  Assets 

A:

Current Assets

Q:

Classify the account: DOUBTFUL ACCOUNTS EXPENSE

a. Non-current liabilities 

b. Operating Expenses 

c. Revenue 

d. Current Liabilities 

e. Investment Property 

f. Property, Plant and Equipment 

g. Other Assets

 h. Investment 

i. Current Assets

j. Contra Assets


A:

The correct answer is: Operating Expenses

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