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11) Which of the following accounts are included in an income statement?

A) Land, Salaries Payable

B) Owner's Name, Capital, Owner's Contribution

C) Furniture, Cash

D) Service Revenue, Utilities Expense

12) Property, plant and equipment are categorized as:

A) current assets.

B) fixed assets.

C) long-term investments.

D) short-term investments.

13) Patents, copyrights, and trademarks are examples of:

A) short-term investments.

B) fixed assets.

C) long-term investments.

D) intangible assets.

14) Salaries Payable, Interest Payable, and Unearned Revenue are examples of:

A) short-term investments.

B) fixed assets.

C) current liabilities.

D) long-term liabilities.

15) Which of the following is the measure of how quickly an item can be converted to cash?

A) Debt ratio

B) Current ratio

C) Liquidity

D) Accounting cycle

16) Which of the following assets is the most liquid?

A) Building

B) Prepaid Expenses

C) Accounts Receivable

D) Cash

17) Which of the following is a current asset that is expected to be converted to cash, sold, or consumed during the next year (or the normal operating cycle, if longer)?

A) Land

B) Equipment

C) Building

D) Accounts Receivable

18) Under which of the following categories would bonds held as investment for more than a year appear?

A) Current assets

B) Long-term liabilities

C) Long-term assets

D) Current liabilities

19) Under which of the following categories would Accounts Receivable appear?

A) Current assets

B) Current liabilities

C) Long-term assets

D) Long-term liabilities

20) Under which of the following categories would bonds held as investment for more than a year appear?

A) Long-term assets

B) Current assets

C) Long-term liabilities

D) Current liabilities

Solution
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Accounting 7 Months Ago 6 Views
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