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Questions and Answers
Which of the following statements is correct about assets?
Which of the following statements is correct about assets?
- An asset is the residual interest in the assets of the entity after deducting all its liabilities
- An asset is a present economic resource controlled by the entity as a result of past events (correct)
- An asset is a future obligation of the entity to transfer an economic resource as a result of past events
- An asset is a decrease in assets, or an increase in liabilities, that results in an increase in equity
Which of the following statements is correct about liabilities?
Which of the following statements is correct about liabilities?
- A liability is a present economic resource controlled by the entity as a result of past events
- A liability is the residual interest in the assets of the entity after deducting all its liabilities
- A liability is a decrease in assets, or an increase in liabilities, that results in an increase in equity
- A liability is a future obligation of the entity to transfer an economic resource as a result of past events (correct)
Which of the following statements is correct about equity?
Which of the following statements is correct about equity?
- Equity is a present economic resource controlled by the entity as a result of past events
- Equity is a future obligation of the entity to transfer an economic resource as a result of past events
- Equity is a decrease in assets, or an increase in liabilities, that results in an increase in equity
- Equity is the residual interest in the assets of the entity after deducting all its liabilities (correct)
Which of the following statements is correct about income?
Which of the following statements is correct about income?
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Which of the following statements is correct about financial statements?
Which of the following statements is correct about financial statements?
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Which of the following is the current tax rate for income tax on a salary?
Which of the following is the current tax rate for income tax on a salary?
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What is the tax year end?
What is the tax year end?
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When you sell your home and make a profit, will you be taxed on this?
When you sell your home and make a profit, will you be taxed on this?
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What does PAYE stand for?
What does PAYE stand for?
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When you purchase your home, will you pay any tax?
When you purchase your home, will you pay any tax?
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