Current Assets in Accounting
7 Questions
0 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

What is the current portion of a long-term liability?

  • The portion of a long-term borrowing that is currently due (correct)
  • The portion of a long-term borrowing that will be due in the next month
  • The total amount of the long-term liability
  • The portion of a long-term borrowing that will be due in the next 5 years

    • How are non-current liabilities defined?

  • Liabilities due within the next 6 months after the accounting period
  • Liabilities that are not currently payable (correct)
  • Liabilities that are currently payable
  • Liabilities due within the next 12 months after the accounting period

    • Which of the following decreases capital?

  • Income
  • Expenses (correct)
  • Withdrawals made by owners
  • Additional contributions from owners

    • What is capital equal to?

    <p>Total assets minus total liabilities</p> Signup and view all the answers

    How does owner withdrawal impact capital?

    <p>Decreases capital</p> Signup and view all the answers

    Which of the following increases capital?

    <p>Income earned</p> Signup and view all the answers

    What defines non-current assets?

    <p>&quot;Assets that are not expected to be realized within one year&quot;</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser