Balance Sheet - Financial Statement

Balance Sheet - Financial Statement

University

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34 Qs

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Balance Sheet - Financial Statement

Balance Sheet - Financial Statement

Assessment

Quiz

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Business

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University

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Practice Problem

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Tingting Song

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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are long-term investments primarily invested in?

Land and buildings

Financial assets

Equipment

Short-term securities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Long-term investments are opposed to investments in which type of assets?

Intangible assets

Financial assets

Real assets

Liquid assets

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the minimum maturity period for an investment to be considered long-term?

Less than one year

Greater than one year

Exactly one year

Greater than five years

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do property and equipment represent in accounting terms?

Current assets

Intangible assets

Fixed assets

Variable assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are fixed assets initially reported on the balance sheet?

At their net cost

At their depreciated cost

At their original (gross) cost

At their market value

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is subtracted from the historical cost of net fixed assets to determine their value on the balance sheet?

Market depreciation

Accumulated depreciation

Annual depreciation expense

Investment cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the accumulated depreciation account affected each year?

It is decreased by the amount of depreciation reported on the income statement.

It remains unchanged.

It is increased by the amount of depreciation reported on the income statement.

It is reset to zero.

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