Podcast
Questions and Answers
What are examples of current assets?
What are examples of current assets?
- Supplies, prepaid expenses (correct)
- Utilities payable, loans payable
- Notes payable, mortgage payable
- Land, building, furniture
Which asset type includes long-term investments?
Which asset type includes long-term investments?
- Intangible assets
- Short-term investments
- Current liabilities
- Non-current assets (correct)
What is an example of non-current asset?
What is an example of non-current asset?
- Supplies
- Accrued income
- Accounts payable
- Land (correct)
Which item is classified as a current liability?
Which item is classified as a current liability?
What are intangible assets?
What are intangible assets?
When do prepaid expenses become expenses?
When do prepaid expenses become expenses?
What are the two main categories of accounts mentioned in the text?
What are the two main categories of accounts mentioned in the text?
Which type of account represents the residual interest in the assets of the entity?
Which type of account represents the residual interest in the assets of the entity?
What category do 'Fees earned from providing services' and 'amounts of merchandise sold' fall under?
What category do 'Fees earned from providing services' and 'amounts of merchandise sold' fall under?
Which account represents the reduction in value of an asset as it is used to generate revenue?
Which account represents the reduction in value of an asset as it is used to generate revenue?
What do CURRENT ASSETS refer to?
What do CURRENT ASSETS refer to?
Which type of asset includes 'CASH' and 'ACCOUNTS RECEIVABLE'?
Which type of asset includes 'CASH' and 'ACCOUNTS RECEIVABLE'?
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