Fund of ABM 2 Diagnostic Test

It is an example of non-current asset.

• Inventories

• Cash

• Prop. Plant & equipment

• Income tax payable

It is defined as the present obligation arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits

• Liabilities

• Account receivables

• Owner's equity

• Assets

All of the following are current liabilities ,EXCEPT:

• Accounts payable

• Interest Payable

• Inventories

• Accrued income

This is an asset account which is classified to be non-current and is considered to be long-lived assets not used for production.

• Investment property

• Intangible Assets

• Biological assets

• Notes payable

Thia is a current liability account that pertains to expenses incurred but not yet paid.

• Notes payable

• Interest payable

• Accrued expenses

• Income tax payable

Which of the following is the current assets?

• Inventories

• Copyright

• Equipment

• Land

An asset which includes bills, coins, bank accounts and operating funds is called ____________

• Franchise

• Cash

• Account receivables

• Inventories

Which of the following is a liabilities of a company?

• Long-term debt

• Supplies

• Cash

• Account receivables

The statement of financial position is also referred as the:

• Balance sheet

• Income statement

• Statement of changes in equity

• Statement of cash flow

Which of the following could classified as a current asset for a furniture retailer?

• Account payable

• Furniture held for resale

• Equipment

• Capital