Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d. Resources b. Liabilities

1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d. Resources b. Liabilities

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
What I Know Directions: Choose the letter of the best answer and write your answer on a separate sheet of paper. 1. It pertains to resources which are controlled and owned by the business. a. Assets b. Liabilities c. Equity d. Resources 2. It is derived from deducting the total liabilities to the total assets of a company, a. Assets . b. Liabilities c. Equity d. Resources 3. Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future? a. Assets b. Liabilities c. Equity d. Resources 4. Which of the following is the correct Accounting Equation? a. Assets + Liabilities Equity b. Assets = Liabilities Equity c. Assets Liabilities + Equity d. Assets + Equity = Liabilities 5. Which of the following is classified as Current Asset? a. Prepaid Expenses b. Land c. Delivery Vehicle d. Copyright 6. Which of the following financial statements presents the financial position of au entity at a given or specific date? a. Income Statement b. Statement of Financial Position c. Statement of Changes in Equity d. Statement of Cash FloWs 7. All of the following are classified as Assets, EXCEPT: a. Accounts Receivable b. Inventory c. Building d. Accounts Payable 8. Which of the following is classified as a non-current liabilnty c. Utilities Payable d. Unearned Revenue a. Accounts Payable b. Mortgage Payable 9. Which of the following is classified as a current asset? c. Investments d. Drawings a. Prepaid Rent b. Unearned Rent
Transcribed Image Text:What I Know Directions: Choose the letter of the best answer and write your answer on a separate sheet of paper. 1. It pertains to resources which are controlled and owned by the business. a. Assets b. Liabilities c. Equity d. Resources 2. It is derived from deducting the total liabilities to the total assets of a company, a. Assets . b. Liabilities c. Equity d. Resources 3. Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future? a. Assets b. Liabilities c. Equity d. Resources 4. Which of the following is the correct Accounting Equation? a. Assets + Liabilities Equity b. Assets = Liabilities Equity c. Assets Liabilities + Equity d. Assets + Equity = Liabilities 5. Which of the following is classified as Current Asset? a. Prepaid Expenses b. Land c. Delivery Vehicle d. Copyright 6. Which of the following financial statements presents the financial position of au entity at a given or specific date? a. Income Statement b. Statement of Financial Position c. Statement of Changes in Equity d. Statement of Cash FloWs 7. All of the following are classified as Assets, EXCEPT: a. Accounts Receivable b. Inventory c. Building d. Accounts Payable 8. Which of the following is classified as a non-current liabilnty c. Utilities Payable d. Unearned Revenue a. Accounts Payable b. Mortgage Payable 9. Which of the following is classified as a current asset? c. Investments d. Drawings a. Prepaid Rent b. Unearned Rent
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS