Accounting

1. 1The 3 components of the Accounting Equation are [blank_start]Assets[blank_end], [blank_start]Liabilities[blank_end], and [blank_start]Equity[blank_end]

   1. AAssets
   2. BLiabilities
   3. CEquity
2. 2Common Stock and Retained Earnings are categorized as a(n)

   1. AAsset
   2. BLiability
   3. CEquity
3. 3Identify assets from the following (Select all that apply)

   1. ACommon Stock
   2. BAccounts Receivable
   3. CRetained Earnings
   4. DCash
   5. ENotes Payable
4. 4Notes Payable would be categorized as a(n)

   1. AAsset
   2. BLiabilities
   3. CEquity
5. 5Property that is owned by a business is a(n) [blank_start]asset[blank_end].

   1. Aasset
6. 6A company's outstanding debt would be considered as

   1. AAssets
   2. BEquity
   3. CLiabilities
7. 7A company's ownership of property after debts have been repaid is

   1. AEquity
   2. BAssets
   3. CLiabilities
8. 8Property, Plant, and Equipment is considered to a

   1. ANon-Current Asset
   2. BCurrent Liability
   3. CNon-Current Liability
   4. DCurrent Asset
9. 9Inventory would be shown as a

   1. ACurrent Liability
   2. BNon-Current Liability
   3. CCurrent Asset
   4. DNon-Current Asset
10. 10If a portion of a Note Payable is due within the next 12 months, it is considered to be a Non-Current Liability

    1. ATrue
    2. BFalse

11. 11Current Liabilities are debts that will need to be paid off in

    1. A12 months or less
    2. BOver 12 months
    3. CMonthly
12. 12A Balance Sheet will show its financial position at a given period of time.

    1. ATrue
    2. BFalse
13. 13A(n) [blank_start]Income Statement[blank_end] shows the financial position of a company at a given period of time.

    1. AIncome Statement
    2. BBalance Sheet
    3. CCash Flow Statement
14. 14Accounts Receivable, Cash, and Inventory are all examples of what type of asset?

    1. ANon-Current
    2. BCurrent
15. 15Inventory, Cash & Cash Equivalents, Accounts Receivable, and Property, Plant, & Equipment are all examples of

    1. ALiabilities
    2. BAssets
    3. CEquity
16. 16Property, Plant, and Equipment are assets that can be readily turned into cash.

    1. ATrue
    2. BFalse
17. 17Amounts due from customers for goods or services that have already been delivered are

    1. AAccounts Receivable
    2. BAccounts Payable
    3. CNotes Payable
18. 18Examples of Property, Plant, and Equipment are (select all that apply)

    1. ALand
    2. BOffice furniture
    3. CComputers
    4. DCopy paper
    5. EPens
    6. FVehicles
    7. GInventory
19. 19Amounts due to suppliers or vendors for services or goods already received are [blank_start]Accounts Payable[blank_end].

    1. AAccounts Payable
    2. BAccounts Receivable
    3. CNotes Payable
20. 20Contractual or legal obligations due to lenders are [blank_start]Notes Payable[blank_end].

    1. ANotes Payable
21. 21The sum of all net income over the life of a business that has not been distributed to owners as dividends is [blank_start]Retained Earnings[blank_end].

    1. ARetained Earnings
22. 22The accounting equation is as follows: [blank_start]Assets=Liability + Equity[blank_end]

    1. AAssets=Liability + Equity
    2. BEquity=Liability + Assets
    3. CLiability=Assets + Equity
23. 23Accounts Payable is considered to be a(n) [blank_start]Current[blank_end] Liability.

    1. ACurrent
    2. BNon-Current
24. 24Cash would be categorized as what type of asset?

    1. ANon-Current
    2. BCurrent
25. 25Notes Payable would be considered a Non-Current [blank_start]Liability[blank_end].

    1. AAsset
    2. BEquity
    3. CLiability
26. 26An asset that is expected to be converted into cash within 12 months or less is a

    1. ACurrent Asset
    2. BCurrent Liability
    3. CNon-Current Asset
    4. DNon-Current Liability
27. 27The most common example of a current liability is [blank_start]Accounts Payable[blank_end].

    1. AAccounts Payable
    2. BAccounts Receivable
    3. CNotes Payable
    4. DCommon Stock

Description

Accounting Quiz on Accounting , created by BJ Rice on 13/12/2019.

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BJ Rice

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