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Questions and Answers
What is a contingent liability?
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?
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?
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?
What is the non-current portion of a long-term debt?
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What represents the worth of the company's sales minus any liabilities?
What represents the worth of the company's sales minus any liabilities?
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What is an example of a non-current liability?
What is an example of a non-current liability?
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What is credited for net profits and debited for net losses?
What is credited for net profits and debited for net losses?
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What is the purpose of a finance lease liability?
What is the purpose of a finance lease liability?
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What is a common shareholders' equity example?
What is a common shareholders' equity example?
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What is an example of an equity account?
What is an example of an equity account?
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