MODULE 6 QUIZ

These are debts or obligations or amounts due to creditors. It is anything “owed” by the business.

• ASSETS

• CAPITAL

• EXPENSES

• LIABILITIES

These are amount incurred/paid for the use of light, water, and telephone for the business.

• Rent Expense

• Rent Payable

• Utilities Expense

• Utilities Payable

Check the accounts under Fixed Assets

• Furniture and Fixtures

• Office Supplies

• Office Equipment

• Service Truck

• Prepaid Rent

These are amounts or obligations due to creditors arising from the purchase of goods and services on account.

• Accounts Payable

• Accounts Receivable

• Notes Payable

• Notes Receivable

The legal rights to an invention.

(a)  

What is the other term for Owner'sEquity?

(a)  

It is a liability to pay the bank or other financing institutions arising from funds borrowed by the business from these institutions payable within twelve months or shorter.

• Accounts Payable

• Loan Payable

• Mortgage Payable

• Notes Payable

What account will be used if the business bought desks, tables, chairs, built-in-cabinets.

• Equipment

• Furniture and Fixtures

• Prepaid Expense

• Supplies

It is considered a hidden asset of the business and represents the value and reputation of the business.

(a)  

These are things of value “owned” by the business.

(a)