Circle the correct answer for the following MCQs 1. The assets bought for long-term use in the business are termed as a) Fixed Assets b) Current Assets c) Tangible Assets d) Intangible Assets 2.* The amount spent in the process of earning revenue is known as a) Expenses b) Assets C) Liabilities d) Owners Equity 3 If payment for a transaction is postponed to the future, it is called a) accruals b) credited transaction c) on casn d) on account 4 Net income will result during a time period when a) assets exceed liabilities b) assets exceed revenues c) expenses exceed revenues d) revenues exceed expenses /5! Ethics are the standards of conduct by which one's actions are judged as a) right or wrong b) honest or dishonest c) fair or not fair d) all of these options