Long Quiz (Balance Sheet & Income Statement)

Long Quiz (Balance Sheet & Income Statement)

11th Grade

41 Qs

quiz-placeholder

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Long Quiz (Balance Sheet & Income Statement)

Long Quiz (Balance Sheet & Income Statement)

Assessment

Passage

Business

11th Grade

Practice Problem

Hard

Created by

Josephine Quibido

Used 2+ times

FREE Resource

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41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If an entity has notes payable over a 3-year period, that is a long-term liability but if the notes payments that are due during the current year are considered the current portion of long-term debt.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Obligations that are due and payable less than a year are current assets.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A person who owns a business with many branches can prepare a single set of financial statements.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Small businesses, such as sari-sari stores have little or no use of accounting.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Permanent accounts are real accounts.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Contra Assets accounts are nominal accounts.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Current assets and current liabilities are also called short-term assets and short-term liabilities.

TRUE

FALSE

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