Accounting: Long Term Investments and Asset Types

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Which of the following is NOT considered a non-current liability?

Bonds payable

Mortgage payable

Accounts payable (correct)

Pension obligations

Which of the following is an example of an equity account?

Capital (correct)

Accounts payable

Accounts receivable

Rent expense

What is the purpose of the drawing account?

To record the owner's withdrawals from the business for personal use (correct)

To record the company's expenses

To record the owner's investment in the business

To record the company's revenue from sales

Which of the following is an example of a revenue account?

Service revenue Signup and view all the answers

Which of the following is an example of an expense account?

Utilities expense Signup and view all the answers

Which of the following is NOT considered a non-current asset?

Accounts receivable Signup and view all the answers

Which of the following is an example of a tangible asset?

Machinery Signup and view all the answers

Which of the following is an example of a long-term investment?

Bonds Signup and view all the answers

Which of the following is an example of accrued income?

Dividends receivable Signup and view all the answers

Which of the following is considered a current asset?

Accounts receivable Signup and view all the answers

Accounting: Long Term Investments and Asset Types

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Questions and Answers

Which of the following is NOT considered a non-current liability?

Which of the following is an example of an equity account?

What is the purpose of the drawing account?

Which of the following is an example of a revenue account?

Which of the following is an example of an expense account?

Which of the following is NOT considered a non-current asset?

Which of the following is an example of a tangible asset?

Which of the following is an example of a long-term investment?

Which of the following is an example of accrued income?

Which of the following is considered a current asset?

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