Accounting MCQ Questions and Solutions with Explanations

41.
An asset must be ________ by the business to be shown as an asset in its balance sheet.

A. Possessed

B. Owned

C. Controlled

D. Used

A. Long life of assets

B. Value of assets

C. Intangible nature of assets

D. Future economic benefits

A. Capital + Liabilities = assets

B. Assets + Liabilities = Capital

C. Capital + Assets = Liabilities

D. Liabilities - Capital = Assets

A. Cash

B. Equipment

C. Debtors

D. Creditors

A. Cash from the business

B. Liability of a business

C. Owner's claim on total assets

D. Owner's claim on total liabilities

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