Accounting Multiple Choice Question – 31 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Which of the following is an asset of a firm?

Select ONE answer:

  1. Machinery owned by the firm.
  2. Money owed by the firm to one of its suppliers in respect of goods purchased on credit.
  3. An overdrawn balance on the firm’s bank account.
  4. The capital of the firm.

State one other type of asset that a business might have:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 1.because machinery is a resource from which benefits can be derived through use. 2 – Money owed by the firm to one of its suppliers is a liability. 3 – An overdrawn bank account is a liability. 4 – The capital of a firm is money owed by the business to the owners of the business.

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