CF 6 Asset

What are company assets?

• The debts a company owes
• The things a company owns
• The salaries of the employees
• The taxes a company pays

Which of the following is an example of a current asset?

• A building
• Land
• Inventory
• Patents

Which of the following is not an example of a fixed asset?

• Equipment
• Buildings
• Land
• Accounts receivable

Which of the following is an example of an intangible asset?

• Land
• Buildings
• Patents
• Equipment

Which financial statement lists a company's assets?

• Income statement
• Balance sheet
• Cash flow statement
• Statement of changes in equity

Which of the following is an example of a long-term asset?

• Accounts receivable
• Inventory
• Patents
• Cash

The financial statement showing a firm's accounting value on a particular date is the:

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• ALL

The financial statement summarizing a firm's performance over

• Balance Sheet

• Income Statement

• Tax reconciliation statement

• All correct

A current asset is:

• An item currently owned by the firm

• An item that the firm expects to own within the next year

• An item currently owned by the firm that will convert to cash within the next 12 months

• The amount of cash on hand the firm currently shows on its statement of financial position

The long-term debts of a firm are

• Liabilities that come due within the next 12 months

• Liabilities that do not come due for at least 12 months

• Liabilities owed to the firm's supplier

• Liabilities owed to the firm's shareholders