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?

  • 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</p> Signup and view all the answers

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

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

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

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

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

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

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

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

    Which of the following is an example of accrued income?

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

    Which of the following is considered a current asset?

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

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