1031. Books or original entry are called :

A. Ledger
B. Work sheets
C. Journal *
D. None of these

1032. For preparing balance sheets prepaid expenses are shown as part of :

A. Liability
B. Equities
C. Assets *
D. None of these

1033. Unrecorded and unpaid expenses are referred to as:

A. Prepaid expenses
B. Accrued expenses *
C. Additional expenses
D. None of these

1034. Amount, cash or other assets removed from business by owner is :

A. Capital
B. Drawings *
C. Assets
D. None of these

1035. Under the diminishing balance method,depreciation amount is :

A. Payment
B. Receipts
C. Expenditure *
D. None of these

1036. Users of accounting information include :

A. The tax authorities
B. Investors *
C. Creditors
D. All of these

1037. The business form(S) in which the owner(S) is (are) personally able is (are) the :

A. Partnership only
B. Proprietorship only *
C. Corporation only
D. Partnership and proprietorship
E. None of these

1038. The investment of personal assets by the owner :

A. Increase total assets and increases owners equity *
B. Increases total assets only
C. Increases total assets only
D. Increases assets and liabilities

1039. All of the following are forms of business organization except :

A. Proprietorship
B. Corporation
C. Retailer *
D. Partnership

1040. Economic resources of a business that are expected to be benefit in the future are referred to as :

A. Liabilities
B. Owner’s equity
C. Withdrawals
D. Assets *