TEC Assessment 8 Answers : TEC Question Answer Key 2021 | CSC TEC Assessment Answers | ( Accounting and Business Reporting )

 

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?

A) Cash, Inventories, Deliverables, Long-term loans, and advances.
B) Tangible assets, Intangible assets, Non-current investments 
C) Cash, Inventories, Intangible assets, Non-current investments 
D) Cash, Inventories, Receivables, Short-term loans and advances 

ANSWER= (D) Cash, Inventories, Receivables, Short-term loans and advances 

 

2. ______________ are those assets that are expected to be sold or converted to cash or consumed within one year.

A) Current Assets
B) Current Liablities
C) Non- current Assets
D) Non – current Liabilities

ANSWER= (A) Current Assets

 

3. ___________ is also called income statement

A) Statement of cash flows
B) Profit and Loss Statement.
C) Balance Sheet
D) General Journal.

ANSWER= (B) Profit and Loss Statement.

 

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4. Balance Sheet divided into 2 parts

A) Assests & Liabilities
B) Equity & Liabilities 
C) Equity & Assests
D) None of them are correct.

ANSWER= (A) Assests & Liabilities

 

5.  Non-current assets include _________________ , which typically last for more than one year.

A) Plant, property and establishment
B) plant, property and equipment
C) Penchant, property,equipment
D) Plant, property, experiment

ANSWER= (B) plant, property and 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.

A) Statement of cash flows
B) Profit & loss (P&L) statement
C) Balance sheet
D) Ledger Sheet

ANSWER= (C) Balance sheet

 

7.  Any income or profit not paid out to shareholders is called _________________.

A) Retained earnings
B) Revenues
C) Debuntures
D) Surplus.

ANSWER= (B) Revenues

 

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8. ______________ sheet represents the financial position of a business as of a particular date, typically at the end of a quarter or financial year.

A) Statement of cash flows
B) Profit & loss (P&L) statement
C) Balance sheet
D) Ledger Sheet

ANSWER= (C) Balance sheet

 

9. Both assets and liabilities are classified as current and non-current.

A) TRUE
B) FALSE

ANSWER= (A) TRUE

 

10. _________ is the value of raw materials held, work-in-process and finished good held by the business.

A) Surplus
B) Revenues
C) Debuntures
D) Surplus.

ANSWER= (B) Revenues

All TEC Final Exam Answer Key 2021

• TEC Assessment 1 Answers -   Click Here

• TEC Assessment 2 Answers -   Click Here

• TEC Assessment 3 Answers -   Click Here

• TEC Assessment 4 Answers -   Click Here

• TEC Assessment 5 Answers -   Click Here

• TEC Assessment 6 Answers -   Click Here

• TEC Assessment 7 Answers -   Click Here

• TEC Assessment 8 Answers -   Click Here

• TEC Assessment 9 Answers -   Click Here

• TEC Assessment 10 Answers - Click Here

• FINAL Assessment Answers -  Click Here

• TEC Assessment Answers pdf- Click Here

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