Asset or Liability Hunt

Question 1

Accounts payable is classified as a liability.

Accepted Answer

True

Question 2

This concept says that a business is a separate entity from its owners.

Accepted Answer

Business Entity Concept

Question 3

Which of the following is an example of an asset?

Accepted Answer

Laptop

Question 4

The concept that suggests that a business should report all the necessary information in their financial statements.

Accepted Answer

Full Disclosure

Question 5

Identify the image:-

Accepted Answer

Assets

Question 6

It begins, where Bookkeeping ends. Name it.

Accepted Answer

Accounting

Question 7

It refers to the withdrawals made by the owners of a business for personal use.

Accepted Answer

Drawings

Question 8

Two accountings principles which rely on each other.

Accepted Answer

matching-revenue recognition

Question 9

Q. Prepaid expenses are considered a liability.

Accepted Answer

False

Question 10

Q. Identify the long-term liability from the given options.

Accepted Answer

Lease Agreement

Question 11

Identify the liability shown in the picture.

Accepted Answer

Utility Bill

Question 12

This concept of associates with such transactions of a business, which can be recorded in terms of money.

Accepted Answer

Money Measurement Concept

Question 13

On a balance sheet, what is determined by subtracting liabilities from assets?

Accepted Answer

Capital or Owner&#x27;s Equity

Question 14

Q. Patents are considered a non-current asset.

Accepted Answer

True

Question 15

Assets that are held for the long term, are not expected to be converted into cash in a short period of time.

Accepted Answer

Fixed assets

Question 16

This term refers to a financial statement that provides the company&#x27;s financial position.

Accepted Answer

Balance Sheet

Question 17

A accounting principle states that a business entity will continue running its operations in the foreseeable future.

Accepted Answer

Going Concern Concept

Question 18

Asset or Liability?

Accepted Answer

Liability

Question 19

Q. Identify the liability shown in the picture.

Accepted Answer

Warranty Obligations

Question 20

Q. Which of the following is considered a non-current asset?

Accepted Answer

Patents

Questions 20