Recognize Assets, Liabilities, Exp, Equity and Income Quiz

Recognize Assets, Liabilities, Exp, Equity and Income Quiz

University

10 Qs

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Recognize Assets, Liabilities, Exp, Equity and Income Quiz

Recognize Assets, Liabilities, Exp, Equity and Income Quiz

Assessment

Quiz

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University

Practice Problem

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Created by

Rakesh Kumar Julka

Used 12+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a current asset?

Land

Inventory

Equipment

Building

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of liability is typically due within one year?

Long-term debt

Current liabilities

Deferred tax liabilities

Contingent liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an operating expense?

Interest expense

Depreciation expense

Cost of goods sold

Rent expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which component of equity represents the initial investment made by shareholders?

Retained earnings

Share capital

Treasury shares

Dividends

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement shows the relationship between assets, liabilities, and equity?

Income statement

Statement of cash flows

Balance sheet

Statement of changes in equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a non-current asset?

Cash

Accounts receivable

Machinery

Prepaid expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is classified as a long-term liability?

Accounts payable

Bank overdraft

Bonds payable

Accrued expenses

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