TEC Assessment 8 Answers
Accounting and Business Reporting
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TEC Exam Questions and Answers: Accounting and Business Reporting
1. What are the common types of current assets?
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Cash, Inventories, Deliverables, Long-term loans, and advances.
Tangible assets, Intangible assets, Non-current investments
Cash, Inventories, Intangible assets, Non-current investments
2. ______________ are those assets that are expected to be sold or converted to cash or consumed within one year.
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Current Assets
Current Liablities
Non- current Assets
3. ___________ is also called income statement
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Statement of cash flows
Profit and Loss Statement.
Balance Sheet
4. Balance Sheet divided into 2 parts
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Assests & Liabilities
Equity & Liabilities
Equity & Assests
5. Non-current assets include _________________ , which typically last for more than one year.
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Plant, property and establishment
plant, property and equipment
Penchant, property,equipment
6. ______________ sheet represents the financial position of a business as of a particular date, typically at the end of a quarter or financial year.
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Statement of cash flows
Profit & loss (P&L) statement
Balance sheet
7. Any income or profit not paid out to shareholders is called _________________.
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Retained earnings
Revenues
Debuntures
8. ______________ sheet represents the financial position of a business as of a particular date, typically at the end of a quarter or financial year.
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Statement of cash flows
Profit & loss (P&L) statement
Balance sheet
9. Both assets and liabilities are classified as current and non-current.
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TRUE
FALSE
10. _________ is the value of raw materials held, work-in-process and finished good held by the business.
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Surplus
Revenues
Debuntures
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