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a) Assec b) Liability c) Revenue 3. A company has total assets of OMR 350,500 and liabilities of OMR 125,000. How much is the amount of equity of the company? a) OMR 225,500 b) OMR 225,000 c) OMR 125,500 d) OMR 375,500 Questions 4 to 7 describe some features of the business organizations. Determine the form of the business organization based on the description. 4. Ownership of Cola Company is divided into 1000 equity shares. a) A sole proprietorship b) Partnership c) Corporation d) Joint Venture 5. Trimark is owned by Sarah, who is personally liable for the debts of the business. a) A sole proprietorship b) Partnership c) Corporation d) Joint Venture 6. XYZ enterprise doesn't pay taxes and has one owner. a) A sole proprietorship b) Partnership c) Corporation 1) Joint Venture Maryam and Sara own Financial Services Company both Maryam and Sara has personal responsibility for the debts of the business. sole proprietorship Itnership poration Venture a. Which of the following acconnt types represents the vatue owned by the company? b) Liabilities c) Equity d) Revenues 9. Which of the following represents the costs incurred to generate the revenue? a) Assets b) Expenses c) Revenues do. Which of the following users is NOT considered external users of financial information? a) Suppliers b) Creditors and lenders c) Managers d) Government and tax authorities 11. This principle states that the revenues are to be recognized when the product or service has been delivered. a) Objectivity b) Revenue Recognition c) Materiality d) Matching 12. The process of recording the transaction is called: a) Joumalizing b) Trial balance c) Posting d) Final accounts 13. Which of the following decreases total owner's equity? a) An increase in account payable account b) A decrease in cash account c) A decrease in electricity expense account d) An increase in drawing 14. The journal entry of purchasing supplies on account is: Debit Credit a) Office supplies Cash b) Cash Office supplies c) Office supplies Office supplies expense Account payable d) Office supplies 15. A company has total equity of OMR 300,200 and its total liabilities are half of its total equity. How much is the amount of total assets of the company? a) OMR 600,400 b) OMR 450,300 c) OMR 150,100 d) OMR 450,000 16. Which one of the following transactions will not affect the Total Assets? a) Aurchase of cquipment for casch OMR 1,000 b) Purchese of supplies on account OMR 200 c) Parfinned servioes for cash OMR 500 d) Perfonnod services on account OMR 500 17. A debit catry to an account; a) locrases aceets b) Increases lisbbilitics c) locrases equity d) larratses revenve 18. Which one of the following transactions will not affect the equity to increase or decrease? a) Purchased equipment on account OMR 5,000 b) Paid rent for the month OMR 200 c) Provided services to customers on account OMR 1,000 b) Onner withdraws OMR 2,000 from the business for personal use 19. At the beginning of the year ABC Ltd had cash OMR 150,000 and the liabilities were OMR 20,000. During the year liabilities decreased by OMR 5,000 and assets increased by OMR 50,000. What is the Owners' equity at the end of the year? a) OMRI85,000 b) OMRI30,000 c) OMRI70,000 d) OMR 2IS,000 20. A company has cash of OMR5,000; equipment of OMR8,000; accounts receivable of OMRR 10,000; accounts payable of OMR3,000; common stock of OMR 12,000; retained earnings of OMR \&,000; revenues of OMR 15,000 ; and expenses of OMR 7,000. How much is the total assets of the company? a) OMR13,000 b) OMR 23,000 c) OMR26,000 d) OMR27,500