Answer number 5,10, 14 3. These are the debts of the business.A. liabilitiesB. assetsC. revenuesD. owner's equity4. Capital and drawings are examples of these.A. owner's equityB. revenuesС. еxpensesD. net profit5. This is a tangible asset.A. landB. goodwillC. patentD. copyright6. This is the account title where the Unearned Revenue falls.A. liability accountB. asset accountC. income accountD. revenue account7. 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 financialrecords.A. chart of accountsB. list of accountsC. accounts receivableD. accounts payable9. These are amounts due from third parties supported by promissory notes.A. notes payableB. notes receivableC. notebookD. none of the above10. These are the items purchased by an enterprise that are unused as of thereporting date.A. suppliesB. inventoriesC. equipmentD. machineries63

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5. This is a tangible asset. A. land B. goodwill C. patcnt D. copyright

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 5SEA: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...

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Question

Answer number 5,10, 14

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

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