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Questions and Answers
Which of the following is not a type of financial statement?
Which of the following is not a type of financial statement?
- Balance sheet
- Trial balance (correct)
- Cash flow statement
- Income statement
What does the term 'credit' represent in accounting?
What does the term 'credit' represent in accounting?
- Decrease in liabilities or equity
- Decrease in assets
- Increase in liabilities or equity (correct)
- Increase in assets
Which of the following is an example of a current liability?
Which of the following is an example of a current liability?
- Building and equipment
- Accrued expenses (correct)
- Accounts receivable
- Long-term loan
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