Statement of Financial Position and Asset Characteristics
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Questions and Answers

What is a contingent liability?

  • A type of equity account
  • A type of current asset
  • A type of non-current liability (correct)
  • A type of revenue

    • What is decreased by withdrawals or distribution to the owner?

  • Long-term debt
  • Common stock
  • Preferred stock
  • Owner's capital (correct)

    • What is increased by income or profit earned by the business?

  • Owner's capital (correct)
  • Long-term debt
  • Warranty liability
  • Deferred revenue

    • What is the non-current portion of a long-term debt?

    <p>A type of non-current liability (A)</p> Signup and view all the answers

    What represents the worth of the company's sales minus any liabilities?

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

    What is an example of a non-current liability?

    <p>All of the above (D)</p> Signup and view all the answers

    What is credited for net profits and debited for net losses?

    <p>Withdrawal or drawing (C)</p> Signup and view all the answers

    What is the purpose of a finance lease liability?

    <p>To finance long-term assets (D)</p> Signup and view all the answers

    What is a common shareholders' equity example?

    <p>Common stock (D)</p> Signup and view all the answers

    What is an example of an equity account?

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

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