Accounting: Long Term Investments and Assets Quiz
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Questions and Answers

What are the resources owned and controlled by the firm or the company?

  • Equity
  • Liabilities
  • Revenues
  • Assets (correct)

    • Which of the following is an example of a current asset?

  • Goodwill
  • Accounts Receivable (correct)
  • Property, Plant, and Equipment
  • Long-term Investments

    • Which of the following is an example of a non-current asset?

  • Property, Plant, and Equipment (correct)
  • Cash
  • Accounts Receivable
  • Prepaid Expenses

    • What are assets that cannot be collected, sold, or used up within one year after the year-end date?

    <p>Non-current Assets</p> Signup and view all the answers

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

    <p>Mutual Funds</p> Signup and view all the answers

    What are assets that can be collected, sold, or used up within one year after the year-end date?

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

    Which of the following is an example of an intangible asset?

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

    What are long-lived assets that have been acquired for use in operations?

    <p>Property, Plant, and Equipment</p> Signup and view all the answers

    Which of the following is an example of a current liability?

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

    What are advance payments for expenses made by the company?

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

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