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

Bus 020 T/F

Quiz
•
Business
•
Professional Development
•
Medium
Raul Cruz
Used 6+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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