10 Questions
Which of the following statements is correct about assets?
An asset is a present economic resource controlled by the entity as a result of past events
Which of the following statements is correct about liabilities?
A liability is a future obligation of the entity to transfer an economic resource as a result of past events
Which of the following statements is correct about equity?
Equity is the residual interest in the assets of the entity after deducting all its liabilities
Which of the following statements is correct about income?
Income 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 financial statements?
Financial statements provide information about the reporting entity's financial position and financial performance
Which of the following is the current tax rate for income tax on a salary?
20%
What is the tax year end?
April 5th
When you sell your home and make a profit, will you be taxed on this?
It depends on the profit amount
What does PAYE stand for?
Pay As You Earn
When you purchase your home, will you pay any tax?
No, never
Test your knowledge of financial accounting with this question bank quiz. In this quiz, you will be tested on your understanding of financial statements and their components. Can you identify the correct statements about assets? Find out now!
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