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5. Which of the following is a business asset?

5. Which of the following is a business asset?

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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4. Which type of information would be of most interest to creditors? a. dividends declared b. ability of the entity to settle debts c. last year's profit d. current share price 5. Which of the following is a business asset? a. Retained Earnings b. Accounts Payable c. Income Summary d. Prepaid Expenses 6. Which of the following is not an asset? a. Accounts Payable b. Inventory c. Land d. Work in Process 7. Accounts payable should be listed on the balance sheet as part of a. assets. b. liabilities. c. owner's equity d. expenses 8. Which of the following is not a liability of an enterprise? a. Salaries Payable b. Unearned Revenues c. Interest Payable d. Withdrawals 9. At the end of 2019, Apayao Farms had P1,500,000 in owner's equity and amounts owed to creditors totalling P1,100,000. The total assets of the entity was a. P1,500,000. b. P2,600,000. c. P400,000. d. None of the above
Transcribed Image Text:4. Which type of information would be of most interest to creditors? a. dividends declared b. ability of the entity to settle debts c. last year's profit d. current share price 5. Which of the following is a business asset? a. Retained Earnings b. Accounts Payable c. Income Summary d. Prepaid Expenses 6. Which of the following is not an asset? a. Accounts Payable b. Inventory c. Land d. Work in Process 7. Accounts payable should be listed on the balance sheet as part of a. assets. b. liabilities. c. owner's equity d. expenses 8. Which of the following is not a liability of an enterprise? a. Salaries Payable b. Unearned Revenues c. Interest Payable d. Withdrawals 9. At the end of 2019, Apayao Farms had P1,500,000 in owner's equity and amounts owed to creditors totalling P1,100,000. The total assets of the entity was a. P1,500,000. b. P2,600,000. c. P400,000. d. None of the above
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