Accounting Definitions – NBC Institute

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

Question

Which of the following best describes the meaning of “Purchases”?

A. Items bought
B. Goods bought on credit
C. Goods bought for resale
D. Goods paid for
E. Goods returned by customer

Answer

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Tags: Accounting Definitions, Financial Transactions, Purchases
Level: Level 1

FA – Nov 2014 – L1 – SA – Q5 – Elements of Financial Statements

Identifying the correct term for a present obligation of an entity arising from past events.

Question

A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits, is known as:

A. An asset
B. A provision
C. A liability
D. A payable
E. A receivable

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Definitions, Liabilities, Obligations
Level: Level 1

Topic: Elements of Financial Statements
Series: NOV 2015

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

Question

Which of the following best describes the meaning of “Purchases”?

A. Items bought
B. Goods bought on credit
C. Goods bought for resale
D. Goods paid for
E. Goods returned by customer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Definitions, Financial Transactions, Purchases
Level: Level 1

FA – Nov 2014 – L1 – SA – Q5 – Elements of Financial Statements

Identifying the correct term for a present obligation of an entity arising from past events.

Question

A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits, is known as:

A. An asset
B. A provision
C. A liability
D. A payable
E. A receivable

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Definitions, Liabilities, Obligations
Level: Level 1

Topic: Elements of Financial Statements
Series: NOV 2015

Question Tag: Accounting Definitions

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FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

FA – Nov 2014 – L1 – SA – Q5 – Elements of Financial Statements

Identifying the correct term for a present obligation of an entity arising from past events.

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

FA – Nov 2014 – L1 – SA – Q5 – Elements of Financial Statements

Identifying the correct term for a present obligation of an entity arising from past events.

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FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

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FA – Nov 2014 – L1 – SA – Q5 – Elements of Financial Statements

Identifying the correct term for a present obligation of an entity arising from past events.

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FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

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FA – Nov 2014 – L1 – SA – Q5 – Elements of Financial Statements

Identifying the correct term for a present obligation of an entity arising from past events.

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