TECHNOPRENEURSHIP

Which of the following is classified as a current asset on a balance sheet?

• • A) Land

• • B) Equipment

• • C) Accounts Receivable

• • D) Building

What does the term "depreciation" refer to in accounting?

• • A) Increase in the value of assets

• • B) Reduction in the value of liabilities

• • C) Allocation of the cost of tangible assets over their useful lives

• • D) Increase in the value of equity

Which of the following is typically classified as a liability on a balance sheet?

• • A) Accounts Receivable

• • B) Inventory

• • C) Accounts Payable

• • D) Equipment

Which of the following is an example of an asset?

• • A) Salary Expense

• • B) Prepaid Insurance

• • C) Dividends Payable

• • D) Rent Revenue

Which of the following represents an equity account?

• • A) Accounts Receivable

• • B) Income Statement

• • C) Common Stock

• • D) Inventory

What does "Long-term Debt" represent on a balance sheet?

• • A) Asset

• • B) Liability

• • C) Equity

• • D) Revenue

What category does "Bank Loan" belong to?

• • A) Asset

• • B) Liability

• • C) Equity

• • D) Expense

What does "Owner's Equity" represent?

• • A) Money owed to suppliers

• • B) Amounts owed to customers

• • C) Owner's investment in the business

• • D) Revenue earned from sales

Which of the following is a liability?

• • A) Equipment

• • B) Accounts Receivable

• • C) Notes Payable

• • D) Inventory

What does "Inventory" represent?

• • A) Money owed to suppliers

• • B) Goods available for sale

• • C) Cash received from customers

• • D) Owner's investment in the business