Acct test 1

Acct test 1

University

87 Qs

quiz-placeholder

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Acct test 1

Acct test 1

Assessment

Quiz

Business

University

Easy

Created by

Andrew Andrew

Used 5+ times

FREE Resource

87 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. An advantage of the corporate form of business is that

  1. it has limited life.

  1. its owner’s personal resources are at stake.

  1. it is simple to establish.

its ownership is easily transferrable via the sale of shares of stock

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Which of the following has the advantage of enabling a business to raise funds most easily?

  1. Entity

  1. Sole proprietorship

  1. Corporation

  1. Partnership

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The right to receive money in the future is called a(n)

  1. account payable.

  1. account receivable.

  1. liability.

  1. revenue.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Resources owned by a business are referred to as

  1. stockholders’ equity.

  1. liabilities.

  1. assets.

  1. revenues.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Debts and obligations of a business are referred to as

  1. assets.

  1. equities.

  1. liabilities.

  1. expenses.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Which of the following is an asset?

  1. Mortgage payable

  1. Investments

  1. Common stock

  1. Retained earnings

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Liabilities

are future economic benefits.

are debts and obligations.

possess service potential.

are things of value owned by a business.

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