CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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Accounting Skills Assessment Practice Questions 2023 - Part 13
1. Which of the following forms of business does not protect owners from business creditors?
A) Partnership
B) Sole proprietorship
C) Limited liability company
D) Both a and b
2. Which one of the following represents the expanded basic accounting equation?
A) Assets = Liabilities + Common Shares + Dividends â?? Revenue â?? Expenses
B) Assets + Dividends - Expenses = Liabilities + Common Shares + Revenues
C) Assets â?? Liabilities â?? Dividends = Common Shares + Revenues â?? Expenses
D) Assets = Revenues + Expenses â?? Liabilities
3. Which of the following statements is incorrect?
A) Liabilities + Assets = Capital
B) Assets â?? Liabilities = Capital
C) Liabilities + Capital = Assets
D) Assets - Capital = Liabilities
4. If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be?
A) Rs. 100,000
B) Rs. 80,000
C) Rs. 120,000
D) Rs. 20,000
5. Which of the following is not a satisfactory statement of the balance sheet equation?
A) Assets = liabilities + ownerâ??s equity
B) Assets - liabilities = ownerâ??s equity
C) Assets = liabilities - ownerâ??s equity
D) Assets - ownerâ??s equity = liabilities
A) Partnership
B) Sole proprietorship
C) Limited liability company
D) Both a and b
2. Which one of the following represents the expanded basic accounting equation?
A) Assets = Liabilities + Common Shares + Dividends â?? Revenue â?? Expenses
B) Assets + Dividends - Expenses = Liabilities + Common Shares + Revenues
C) Assets â?? Liabilities â?? Dividends = Common Shares + Revenues â?? Expenses
D) Assets = Revenues + Expenses â?? Liabilities
3. Which of the following statements is incorrect?
A) Liabilities + Assets = Capital
B) Assets â?? Liabilities = Capital
C) Liabilities + Capital = Assets
D) Assets - Capital = Liabilities
4. If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be?
A) Rs. 100,000
B) Rs. 80,000
C) Rs. 120,000
D) Rs. 20,000
5. Which of the following is not a satisfactory statement of the balance sheet equation?
A) Assets = liabilities + ownerâ??s equity
B) Assets - liabilities = ownerâ??s equity
C) Assets = liabilities - ownerâ??s equity
D) Assets - ownerâ??s equity = liabilities
1. Right Answer: D
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: A
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: C
Explanation:
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: A
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: C
Explanation:
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