Principles of Accounts Evaluation

Owner's Equity can also be called Capital

• TRUE

• FALSE

Someone who owes the business money because of a credit sale is called

• Accounts Receivable

• Accounts Payable

A mortgage loan is an example of

• Owner's Equity

• Assets

• Liabilities

Cash is classified as a(n)

• Assets

• Liabilities

• Owner's Equity

What are the two main types of assets?

(a)  

prepaid expenses are classified as:

• Assets

• Liabilities

• Owner's Equity

Is long-term Liabilities another term for Non-Current Liabilities

• TRUE

• FALSE

Furniture and Fittings are classfied as what type of account?

• Liabilities

• Owner's Equity

• Assets

Define the term Assets

The two types of Liabilities are

(a)