AGEC 101 TEST PAPER 2025/2026 QUESTIONS AND
ANSWERS RATED A+
✔✔Non-Current - ✔✔What kind of asset are buildings?
✔✔Non-Current - ✔✔What kind of asset are herds of animals?
✔✔Balance Sheet - ✔✔Where do liabilities go?
✔✔Current - ✔✔What liabilities are within a year?
✔✔Non-Current - ✔✔What liabilities are longer than a year?
✔✔Current - ✔✔What type of liability is a short term loan?
✔✔Current - ✔✔What type of liability is accounts payable?
✔✔Non-Current - ✔✔What type of liability is a long term loan?
✔✔Balance Sheet - ✔✔Where does Owner's Equity go?
✔✔Contributed Capital - ✔✔What equity are resources given from an outside source?
✔✔Retained Earnings - ✔✔What equity are earnings kept in the business?
✔✔Personal Withdrawal - ✔✔What equity is when the owner withdrew money from the
business for personal use?
✔✔Flow Concept Statement - ✔✔What kind of statement is an income statement?
✔✔Income Statement - ✔✔Where does revenue go?
✔✔Income Statement - ✔✔Where does cost of goods sold go?
✔✔Income Statement - ✔✔Where does gross margin go?
✔✔Income Statement - ✔✔Where does operating expenses go?
✔✔Income Statement - ✔✔Where does capital gains/losses go?
✔✔Revenue - ✔✔What is selling goods to earn money?
✔✔Cost of Goods Sold - ✔✔What are materials you pay for for production?
ANSWERS RATED A+
✔✔Non-Current - ✔✔What kind of asset are buildings?
✔✔Non-Current - ✔✔What kind of asset are herds of animals?
✔✔Balance Sheet - ✔✔Where do liabilities go?
✔✔Current - ✔✔What liabilities are within a year?
✔✔Non-Current - ✔✔What liabilities are longer than a year?
✔✔Current - ✔✔What type of liability is a short term loan?
✔✔Current - ✔✔What type of liability is accounts payable?
✔✔Non-Current - ✔✔What type of liability is a long term loan?
✔✔Balance Sheet - ✔✔Where does Owner's Equity go?
✔✔Contributed Capital - ✔✔What equity are resources given from an outside source?
✔✔Retained Earnings - ✔✔What equity are earnings kept in the business?
✔✔Personal Withdrawal - ✔✔What equity is when the owner withdrew money from the
business for personal use?
✔✔Flow Concept Statement - ✔✔What kind of statement is an income statement?
✔✔Income Statement - ✔✔Where does revenue go?
✔✔Income Statement - ✔✔Where does cost of goods sold go?
✔✔Income Statement - ✔✔Where does gross margin go?
✔✔Income Statement - ✔✔Where does operating expenses go?
✔✔Income Statement - ✔✔Where does capital gains/losses go?
✔✔Revenue - ✔✔What is selling goods to earn money?
✔✔Cost of Goods Sold - ✔✔What are materials you pay for for production?
