Question Details

The common characteristic possessed by all assets 



1.	The assumption that enables accounting to quantify (measure) economic events is the
a.	economic entity assumption.
b.	cost principle.
c.	historical cost principle.
d.	monetary unit assumption.


	2.	A business that enjoys limited liability is a
a.	proprietorship.
b.	partnership.
c.	corporation.
d.	sole proprietorship.


	3.	The common characteristic possessed by all assets is
a.	long life.
b.	great monetary value.
c.	tangible nature.
d.	future economic benefit.


	4.	Equity is best depicted by the following:
a.	Assets = Liabilities.
b.	Liabilities + Assets.
c.	Residual equity + Assets.
d.	Assets - Liabilities.


	5.	The basic accounting equation may be expressed as
a.	Assets = Equities.
b.	Assets - Liabilities = Equity.
c.	Assets = Liabilities + Equity.
d.	all of these.





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