FABM 2 - Quarterly Review (EASY ROUND)

Which of the following is an example of a long-term liability?

• Accounts Payable

• Unearned Revenue

• Principal of a Bonds Payable

• Notes Payable

“Income Tax Payments” falls under

• Operating Activities

• Investing Activities

• Financing Activities

• Non-operating Activities

“Inventory” is considered a

• Current Asset

• Noncurrent Asset

• Current Liability

• Noncurrent Liability

Which of the following is NOT an element of Statement of Comprehensive Income?

• Noncurrent Assets

• Revenue

• Expenses

• Net Income

Which of the following is typically listed as a current asset on a statement of financial position?

• Equipment

• Land

• Accounts Receivable

• Long-term debt

Solvency refers to

• The ability to generate high profits

• The ability to meet short-term financial obligations as they become due

• The total assets owned by a person or business

• The ability to generate cash flow

“PPE” is considered a

• Current Asset

• Noncurrent Asset

• Current Liability

• Noncurrent Liability

What is included in a singe step SCI that is not present in a multi-step SCI?

• non-operating revenues and expenses

• Presentation of revenues and expenses in a single category

• Current and non-current assets and liabilities

“Bonds Payable” is considered a

• Current Asset

• Noncurrent Asset

• Current Liability

• Noncurrent Liability

Which of the following is NOT included in the statement of changes in equity?

• Capital Contributions

• Accounts Payable Balances

• Net Income or Net Loss

• Beginning Owner’s Equity