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3. A company has total assets of OMR 350,500 and liabilices 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 tVenture 8. Which of the following account types represents the vafue owned by the company? a) Asects 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 d) Liabilities 10. 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 a) Office supplies b) Cash Cash c) Office supplies Office supplies d) Office supplies Office supplies expense Account payable 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) OMR450,300 c) OMR 150,100 d) OMR450,000 c) Revenue d) Expense 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 Inership poration - Venture