Quiz 1 20.06.17 Q& A
Quiz 1 20.06.17 Q& A
20.06.2017
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1. All of the following are
liabilities, except __________.
a) Prepaid expenses
b) Provisions
c) Current liabilities
d) Long term liabilities
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2. The Balance Sheet provides information
about all of the following, except __________.
a) Liabilities
b) Revenues
c) Assets
d) Shareholders equity
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3. The Income Statement provides information
about all of the following, except __________.
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4. The Income Statement summarizes
information about __________.
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3.
5. Common Stock is __________.
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6. All of the following are reported under
Shareholders Equity, except __________.
a) Common Stock
b) Retained Earnings
c) Investment in stocks of another company
d) Additional Paid-In Capital
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7. What is the fundamental accounting
equation?
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8. Which of the following is not one of the three
important features of the Assets?
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9. Creditors use accounting information primarily
to __________.
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10. If a companys balance sheet shows Total
Assets worth Rs.5,000,000 and Total
Shareholders Equity worth Rs.3,000,000, how
much is Total Liabilities worth?
a) Rs.(2,000,000)
b) Rs.6,000,000
c) Rs.8,000,000
d) Rs.2,000,000
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