701. Liabilities are which of the following?
A: Resources
B: Obligations
C: Future benefits
D: Expenses
702. __ is the gross inflow of economic benefits?
A: Assets
B: Liabilities
C: Income
D: Expenses
703. The gross decrease in economic benefits for the business is what?
A: Expenses
B: Obligations
C: Creditors
D: Income or gain
704. 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
705. Liabilities are arisen from which of the following events?
A: Present event
B: Future event
C: Past event
D: None of them
706. Which of the following can be considered as the most important phase of the accounting cycle, and it is the primary objective of financial accounting?
A: Identifying transactions
B: Preparing “T Accounts”
C: Preparing financial statements
D: Preparing trial balances
707. Which is the most important characteristic that all assets of a business have?
A: Long life of assets
B: Value of assets
C: Intangible nature of assets
D: Future economic benefits
708. __ is a separate legal entity that Total capital can be divided into many shares.
A: Partnership
B: Sole proprietorship
C: Company
D: Non-profit organization
709. An asset possesses which of the following?
A: Future economic benefits for the business
B: All kinds of benefits for the business
C: Expenses for the business
D: Merits and Demerits for the business
710. Considering that the standard time for a job is 8 hours, the actual time spent is 6 hours, and the hourly rate is 2 dollars. How much are all wages covered by the Halsey premium plan?
A. 18 $
B. 1-4 $
C. 16 $
D. 12 $
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