Accounting: Long Term Investments and Asset Types
10 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

<p>Service revenue (D)</p> Signup and view all the answers

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

<p>Utilities expense (A)</p> Signup and view all the answers

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

<p>Accounts receivable (B)</p> Signup and view all the answers

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

<p>Machinery (C)</p> Signup and view all the answers

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

<p>Bonds (A)</p> Signup and view all the answers

Which of the following is an example of accrued income?

<p>Dividends receivable (C)</p> Signup and view all the answers

Which of the following is considered a current asset?

<p>Accounts receivable (D)</p> Signup and view all the answers

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser