Accounting Multiple Choice Question – 19 August 2020

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

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What are assets?

Select ONE answer:

  1. items that are bought for long-term use by a business
  2. items that are expected to be turned into cash in the near future
  3. items that are owned by or owed by a business
  4. items that are owned by or owed to a business 

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2

  1. Not correct – purchase returns
  2. Correct
  3. Not correct – purchase returns
  4. Not correct – increases debt owed by Stuart

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