5. What is a Current Assets? A. It is cash or cash equivalent which is not restricted for current use. B. It is expected not to be realized or is held for sale or consumption in the normal course of the business operating cycle. C. t is held primarily for trading purposes or for the long term, and it is expected to be realized more than twelve months of the SFP date. D. It is expected to be settled in the normal course of the business operating cycle. 6. What is a contra-validation account that refers to the amount estimated uncollectible? A. Accounts Payable B. Accrued Interest Payable C. Allowance for Bad Debts D. Accumulated Depreciation 7. Which of the following is an example of noncurrent liability? A. Accrued Expenses B. Deferred Income C. Loans Payable D. Short-term Liabilities 8. What accounts are reported in the SFP? A. Assets C. Liability B. Equity D. Revenue 9. What are these various materials which remain unused at the end of the accounting period? A. Accounts Receivable B. Accounts Payable C. Prepaid Supplies D. Withdrawal Account 10. What pro forma of the SFP that presents its elements in horizontal order following the accounting equation? A. Account Form B. Direct Method C. Indirect Method D. Report Form
5. What is a Current Assets? A. It is cash or cash equivalent which is not restricted for current use. B. It is expected not to be realized or is held for sale or consumption in the normal course of the business operating cycle. C. t is held primarily for trading purposes or for the long term, and it is expected to be realized more than twelve months of the SFP date. D. It is expected to be settled in the normal course of the business operating cycle. 6. What is a contra-validation account that refers to the amount estimated uncollectible? A. Accounts Payable B. Accrued Interest Payable C. Allowance for Bad Debts D. Accumulated Depreciation 7. Which of the following is an example of noncurrent liability? A. Accrued Expenses B. Deferred Income C. Loans Payable D. Short-term Liabilities 8. What accounts are reported in the SFP? A. Assets C. Liability B. Equity D. Revenue 9. What are these various materials which remain unused at the end of the accounting period? A. Accounts Receivable B. Accounts Payable C. Prepaid Supplies D. Withdrawal Account 10. What pro forma of the SFP that presents its elements in horizontal order following the accounting equation? A. Account Form B. Direct Method C. Indirect Method D. Report Form
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:5. What is a Current Assets?
A. It is cash or cash equivalent which is not restricted for current use.
B. It is expected not to be realized or is held for sale or consumption in the normal
course of the business operating cycle.
C. It is held primarily for trading purposes or for the long term, and it is expected to be
realized more than twelve months of the SFP date.
D. It is expected to be settled in the normal course of the business operating cycle.
6. What is a contra-validation account that refers to the amount estimated uncollectible?
A. Accounts Payable
B. Accrued Interest Payable
C. Allowance for Bad Debts
D. Accumulated Depreciation
7. Which of the following is an example of noncurrent liability?
A. Accrued Expenses
B. Deferred Income
C. Loans Payable
D. Short-term Liabilities
8. What accounts are reported in the SFP?
A. Assets
C. Liability
B. Equity
D. Revenue
9. What are these various materials which remain unused at the end of the accounting
period?
A. Accounts Receivable
B. Accounts Payable
C. Prepaid Supplies
D. Withdrawal Account
10. What pro forma of the SFP that presents its elements in horizontal order following the
accounting equation?
A. Account Form
C. Indirect Method D. Report Form
B. Direct Method
Transcribed Image Text:3. What are the resources or things value owned by an enterprise?
B. Equity
C. Expenses
A. Assets
D. Liabilities
4. What do you call the transferring of cost of asset to expense?
A. Allowance for Bad debts
B. Accounts Payable
C. Accumulated Depreciation
D. Accrued Interest Payable
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