The residual interest in the firm’s asset after paying off all liabilities is A. Profit B. Equity C. Asset D. Liability

Equity is the residual interest in the entity’s assets after deducting its liabilitiesGroup of answer choicesTrueFalse

It is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

Which of the following is an asset of a firm? 答案及選項: A.  The capital of the firm B.  The loss made by the firm C.  Premise owned by the firm D.  Money owed by the firm to a bank11)Which of the following is a liability of a firm? 答案及選項: A.  Money lent to the firm by a bank B.  Money lent by the firm to a customer C.  The capital of the firm D.  Premises owned by the firm12)Which of the following accounts of a firm should be credited when there is an increase in the amount?(1) Debtors(2) Capital(3) Customer deposits(4) Bank loans(5) Furniture and fixtures 答案及選項: A.  (1), (4) and (5) only B.  (2), (4) and (5) only C.  (2), (3) and (4) only D.  (1), (2) and (3) only13)Which of the following double entries are incorrect?(1) The owner contributed furniture: Dr Furniture   Cr Capital(2) Bought computers on credit from Maxi Computers Ltd: Dr  Maxi Computers Ltd   Cr Computers(3) Paid rates by cheque:  Dr Bank  Cr Rates(4) Received cash from a debtor:  Dr Cash   Cr Debtors 答案及選項: A.  (2) and (3) only B.  (1) and (3) only C.  (3) and (4) only D.  (3) only

On a Balance Sheet, residual equity can be expressed as:Group of answer choicesCurrent assets + Non-current assetsCurrent assets + Non-current assets – Current liabilities + Non-current liabilitiesCurrent assets + Non-current assets + Current liabilities + Non-current liabilitiesCurrent assets + Non-current assets + Current liabilities – Non-current liabilitiesCurrent assets + Non-current assets – Current liabilities – Non-current liabilities

Resources minus capital equals:Question 9Answera.Equityb.Revenuec.Assetsd.Liabilities