3 Which of the ollowing ees the aton bookkeeping ds 3) ore competencles for acco

Question

3 Which of the ollowing ees the aton bookkeeping ds 3) ore competencles for accouning aring and cial niles ) national guidelies of accounting principe geerally accepied accounting principle ) Which of the ollowing describes a labiliy A) the potential proflh from selling a firs ases Bj a debt owed by a fi so an outside organizion or individo C) ay economic resqurce expecned to binefs fim or an individual who my economic deflca expected to ost a firm or an indindai who owes it E) the amount of money originally invested is n business by lts owers 5) Which of the following best iustranes cash few from openstion Aj the revenue from selling bread at Jocalbakery B) the revenue from selling stocks by an insurunce compny Cj the revenue from new investons in a software stat-up D) the revenue from selling obsolescent tracks by delivery company E) the revemue from issuing stock by a financial management f 6) Which of the fellowing terms refems to the smount of money that owners would receive i they sold all of a company's assets and paid all of its abilities A) asser B) owners cquity C) inventory D) liability E) credit

Explanation / Answer

1. C. balane sheet

Balance sheet presents entities assets, liabilties and the stockholders equity

2. B.Fixed assets

Fixed assets part in balancesheet shows entities land building and equipment

3. E Generally accepted accounting principles is the right answer

4. B. a debt owed by a firm to an outside organisation of individual

5. A. The revenue from selling bread at a local bakery.

It is the regular business course, hence cash flow from operations. others are not reguar business activities

6. B. Owners equity

Accounting equation: Debt+owners equity = Assets

Owners equity = Assets-Debt

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