Accounting and Finance Quiz

The order of the Equity account in a Balance sheet is defined by ________ .

• custom and tradition

• a fancy way of saying pay

• the order of their liquidity

• All ways

A company has $3,000,000 in Owners' Equity and $275,000 in liabilities. What are the assets of the company?

• $3,275,000

• $2,025,000

• $250,000

• $1,250,000

Liabilities that are expected to be paid sometime after the next year are _________

• Current liabilities

• Current assets

• Non-current assets

• Non-current liabilities

___________ is to show the inflows and outflows, the changes in the balance of cash and cash equivalents during a certain accounting period arising from the operating, investing, and financing activities of an enterprise.

• The Statement of Cash Flow

• The Income Statement

• The Statement of Retained Earnings

• The Balance Sheet

Which is the closest meaning to the phrase: ' late, not returned as expected?

• overdue

• knack

• buck

• pay off

Which of the following items is not the main section in a Balance Sheet?

• Assets

• Liabilities

• Equity

• Unearned revenues

Which is the most common form of Rent expenses account in the Income statement?

• Rent expenses

• Rent

• Rent liability

• liabilities

_______ is the process of making transactions and turning them into a journal entry.

• Journalizing

• Bookkeeping

• Accounting

• writing

If the statement is for the quarter ended December 31, 2002, how can we state the period of time?

• For the Quarterly Ended December 31, 2002

• For the Three Months Ended December 31, 2002

• For the Six Months Ended December 31, 2002

• For 5 months

Items owned by a business that have monetary value are known as ____________.

• Assets

• Liabilities

• Owner's equity

• equities