Week 4 Finance Quiz

The amount owed to a business by its customers

• Accounts Payable

• Note Payable

• Accounts Receivables

• Liability

Property, plant and equipment are fixed assets that are not intended to be sold to customers

• True

• False

Gift cards are an example of unearned revenue

• True

• False

Increasing owner's withdrawals increases owner's equity

• True

• False

Nicole deposited $10,000 into her event company. What statement is correct?

• Owner's Equity would be debited

• Owner's Equity would be credited

• Cash would be credited

• No change to cash

Nicole purchased $2,000 worth of food for her catering company. What statement is true?

• Food inventory is debited

• Food inventory is credited

Nicole paid $10,000 cash for furniture and equipment for her catering company. What statement is true.

• Cash is debited

• Cash is credited