5 Major Accounts Concept Check

These are the obligations of the company payable in money, goods or services.

• Assets

• Liabilities

• Expenses

These are non - current tangible assets.

• Cash

• Notes receivable

• Equipment

The following describes owner's equity EXCEPT

• owner's claim in the business

• residual interest in the assets

• what the owner owns

These assets are identifiable, non - monetary assets without physical substance.

• Tangible assets

• Intangible assets

It is the most liquid asset and the medium of exchange for business transactions.

(a)  

It is an expense for leased office space, equipment or assets rented from others.

• Rent expense

• Prepaid rent

• Office expense

Whic of the following is a current asset?

• Xerox machine

• Computer

• House and lot

• Cash

It is a written promise to pay payable on a certain future date.

• Accounts receivable

• Notes receivable

• Accounts payable

• Notes payable

It is a record in an accounting that tracks the financial activities of a specific asset, liability, equity, income or expense.

(a)  

All except one affects the owner's equity.

• Mortgage

• Capital

• Expense

• Withdrawal