Account Types in Accounting
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Questions and Answers

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?

  • Intangible assets
  • Short-term investments
  • Current liabilities
  • Non-current assets (correct)

    • What is an example of non-current asset?

  • Supplies
  • Accrued income
  • Accounts payable
  • Land (correct)

    • Which item is classified as a current liability?

    <p>Accrued expenses</p> Signup and view all the answers

    What are intangible assets?

    <p>Franchise and copyright</p> Signup and view all the answers

    When do prepaid expenses become expenses?

    <p>After being used in operations</p> Signup and view all the answers

    What are the two main categories of accounts mentioned in the text?

    <p>Assets and Liabilities</p> Signup and view all the answers

    Which type of account represents the residual interest in the assets of the entity?

    <p>Owner’s Equity</p> Signup and view all the answers

    What category do 'Fees earned from providing services' and 'amounts of merchandise sold' fall under?

    <p>Income/Revenue</p> Signup and view all the answers

    Which account represents the reduction in value of an asset as it is used to generate revenue?

    <p>Expenses</p> Signup and view all the answers

    What do CURRENT ASSETS refer to?

    <p>Assets that are expected to be realized within one year</p> Signup and view all the answers

    Which type of asset includes 'CASH' and 'ACCOUNTS RECEIVABLE'?

    <p>Current Assets</p> Signup and view all the answers

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