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1. This is not one of the five major accounts. A. interest B. income C. liability D. owner's equity 2. These are the resources owned by the owners. A. assets B. liabilities C. revenLIes D. expenses

1. This is not one of the five major accounts. A. interest B. income C. liability D. owner's equity 2. These are the resources owned by the owners. A. assets B. liabilities C. revenLIes D. expenses

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. These are the debts of the business. A. liabilities B. assets C. revenues D. owner's equity 4. Capital and drawings are examples of these. A. owner's equity B. revenues С. еxpenses D. net profit 5. This is a tangible asset. A. land B. goodwill C. patent D. copyright 6. This is the account title where the Unearned Revenue falls. A. liability account B. asset account C. income account D. revenue account 7. Loan payable and mortgage payable are examples of Non-Current Liabilities. A. Ycs, these are examples of Non-Current Liabilitics. B. No, these are examples of Current Liabilities. C. Yes, but sometimes these are current assets. D. No, because these are non-current assets. 8. It is the listing of the accounts used by the company to their financial records. A. chart of accounts B. list of accounts C. accounts receivable D. accounts payable 9. These are amounts due from third parties supported by promissory notes. A. notes payable B. notes receivable C. notebook D. none of the above 10. These are the items purchased by an enterprise that are unused as of the reporting date. A. supplies B. inventories C. equipment D. machineries 63
Transcribed Image Text:3. These are the debts of the business. A. liabilities B. assets C. revenues D. owner's equity 4. Capital and drawings are examples of these. A. owner's equity B. revenues С. еxpenses D. net profit 5. This is a tangible asset. A. land B. goodwill C. patent D. copyright 6. This is the account title where the Unearned Revenue falls. A. liability account B. asset account C. income account D. revenue account 7. Loan payable and mortgage payable are examples of Non-Current Liabilities. A. Ycs, these are examples of Non-Current Liabilitics. B. No, these are examples of Current Liabilities. C. Yes, but sometimes these are current assets. D. No, because these are non-current assets. 8. It is the listing of the accounts used by the company to their financial records. A. chart of accounts B. list of accounts C. accounts receivable D. accounts payable 9. These are amounts due from third parties supported by promissory notes. A. notes payable B. notes receivable C. notebook D. none of the above 10. These are the items purchased by an enterprise that are unused as of the reporting date. A. supplies B. inventories C. equipment D. machineries 63
sheet of pap 1. This is not one of the five major accounts. A. interest B. income C. liability D. owner's equity 2. These are the resources owned by the owners. A. assets B. liabilities C. revenLIes D. expenseS
Transcribed Image Text:sheet of pap 1. This is not one of the five major accounts. A. interest B. income C. liability D. owner's equity 2. These are the resources owned by the owners. A. assets B. liabilities C. revenLIes D. expenseS
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