Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d. Resources b. Liabilities

1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d. Resources b. Liabilities

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 6MC
See similar textbooks
icon
Related questions
Question
What I Know Directions: Choose the letter of the best answer and write your answer on a separate sheet of paper. 1. It pertains to resources which are controlled and owned by the business. a. Assets b. Liabilities c. Equity d. Resources 2. It is derived from deducting the total liabilities to the total assets of a company, a. Assets . b. Liabilities c. Equity d. Resources 3. Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future? a. Assets b. Liabilities c. Equity d. Resources 4. Which of the following is the correct Accounting Equation? a. Assets + Liabilities Equity b. Assets = Liabilities Equity c. Assets Liabilities + Equity d. Assets + Equity = Liabilities 5. Which of the following is classified as Current Asset? a. Prepaid Expenses b. Land c. Delivery Vehicle d. Copyright 6. Which of the following financial statements presents the financial position of au entity at a given or specific date? a. Income Statement b. Statement of Financial Position c. Statement of Changes in Equity d. Statement of Cash FloWs 7. All of the following are classified as Assets, EXCEPT: a. Accounts Receivable b. Inventory c. Building d. Accounts Payable 8. Which of the following is classified as a non-current liabilnty c. Utilities Payable d. Unearned Revenue a. Accounts Payable b. Mortgage Payable 9. Which of the following is classified as a current asset? c. Investments d. Drawings a. Prepaid Rent b. Unearned Rent
Transcribed Image Text:What I Know Directions: Choose the letter of the best answer and write your answer on a separate sheet of paper. 1. It pertains to resources which are controlled and owned by the business. a. Assets b. Liabilities c. Equity d. Resources 2. It is derived from deducting the total liabilities to the total assets of a company, a. Assets . b. Liabilities c. Equity d. Resources 3. Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future? a. Assets b. Liabilities c. Equity d. Resources 4. Which of the following is the correct Accounting Equation? a. Assets + Liabilities Equity b. Assets = Liabilities Equity c. Assets Liabilities + Equity d. Assets + Equity = Liabilities 5. Which of the following is classified as Current Asset? a. Prepaid Expenses b. Land c. Delivery Vehicle d. Copyright 6. Which of the following financial statements presents the financial position of au entity at a given or specific date? a. Income Statement b. Statement of Financial Position c. Statement of Changes in Equity d. Statement of Cash FloWs 7. All of the following are classified as Assets, EXCEPT: a. Accounts Receivable b. Inventory c. Building d. Accounts Payable 8. Which of the following is classified as a non-current liabilnty c. Utilities Payable d. Unearned Revenue a. Accounts Payable b. Mortgage Payable 9. Which of the following is classified as a current asset? c. Investments d. Drawings a. Prepaid Rent b. Unearned Rent
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS