Financial Accounting Week 4
Authored by Nicole Chuchmach
Financial Education
Professional Development
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a current asset
Accounts Payable
Equipmment
Accounts Receivable
Property
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Computers and other assets that are expected to last for more than a year are referred to as:
Current Assets
Current Liabilities
Fixed Assets
Long-Term Liabilities
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets on a balance sheet are listed in order of liquidity
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
JKL Catering provided $5,000 worth of services on account last month. This month the company received the $5,000 payment. How should the transaction this month be recorded?
Increase accounts receivable; increase revenue
Increase in cash, decrease in accounts payable
Increase in cash, decrease in accounts receivables
What the finance
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a business borrows money from the bank, there would be in increase in assets and an increase in liabilities.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account would you find on the income statement?
Bank Loan
Accounts Receivables
Rent Expense
Owner's Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets - Expenses = Profit/Loss
True
False
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