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1. Which of the following would not be regarded as an asset ?
2. A building is purchased using cash for use by the business. Which of these would represent the entry for the transaction ?
3. A business sells goods on credit. Which of the following statements are true ?
4. The owner of a business starts up using $5000 of her own money. The entry of this transaction is best shown as:
5. Which of the following is true about a partnership ?
6. Select the correct word that describes the amount by which expenses exceed revenues.
7. What is the correct accounting name given to distributions of cash or other assets from an incorporated business to its shareholders ?
8. What is the correct accounting name given to the net income which is kept in a corporation for future use and not distributed to shareholders ?
9. Jolly Roger is owed $1000 by Buck O'Nere for lead shot that he has supplied. The figure of $1000 should be recorded as:
10. What is owned by a business and used in carrying out its operating activities is best described as:
11. A financial statement to show what a business owes and owes at a particular point in time is:
12. Jolly Roger sells $500 of red wine to the Flamingo Bar and is paid by check. The correct entry to the accounts is:
13. Buck O'Nere receives a bill (invoice) for use of his mobile phone. The correct entry for recording the liability of the bill is:
14. A financial document that indicates the success or failure of abusiness trading over a period of time is called:
15. An asset is considered to be a current asset if:
16. Which of the following could be regarded as permanent assets (sometimes called fixed assets) that are used in the business and not intended for resale ?
17. How might you measure a company's liquidity and short-term debt paying ability ?
18. Jolly Roger transfers $6000 from the current bank account to the savings bank account. Which of the following statements are correct ?
19. Which of the following are true ?
20. Select the equations that represent the accounting equation.
21. Which version of Access first provided ODBC connectivity to Oracle databases?
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