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Professional Development

10 Qs

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Assessment

Quiz

Business

Professional Development

Medium

Created by

Raul Cruz

Used 6+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchasing supplies for cash results in an increase in total assets for the purchasing
company

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The normal balance for an asset account is a debit and the normal balance for a liability
account is a credit

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An objective of preparing the trial balance is to test the equality of debits and credits

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Current liabilities are defined as obligations to be paid within six months

True

False

Answer explanation

All short term liabilities can be paid within the year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The current ratio measures the ability of a company to pay its short-term obligations with
short-term assets

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the revenue realization principle, revenue is recognized at the time that cash
is collected from a customer for services to be provided in the future.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the matching principle, salary expense is recognized on the income
statement when the salaries are paid rather than when the employee provides the work

True

False

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