Under which category are gift certificates issued by a restaurant reported in the balance sheet? * other assets current liabilities current assets investments
Under which category are gift certificates issued by a restaurant reported in the balance sheet? * other assets current liabilities current assets investments
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:MULTIPLE CHOICE QUESTIONS
Under which category are gift certificates issued by a restaurant reported
in the balance sheet? *
other assets
current liabilities
O current assets
investments
What business record shows the results of the proprietorship's borrowing
assets from the business, usually anticipation of profits? *
O Proprietor's Capital
Proprietor's Withdrawals
Proprietor's Assets
Proprietor's Investment

Transcribed Image Text:What are the two main parts of the body of the income statement known
as? *
Expenses
Liabilities
Capital
Revenue
Assets
An advance payment for a hotel room by a customer is reported in the
balance sheet under: *
current liabilities
O long term liabilities
other assets
current assets
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