Week 3

Week 3

Professional Development

9 Qs

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Week 3

Week 3

Assessment

Quiz

Other

Professional Development

Practice Problem

Hard

Created by

Nicole Chuchmach

Used 3+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a corporation, to whom the equity may belong?

Associates

Debt Holders

Shareholders

Parnters

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets on the balance sheet are listed in order of liquidity

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: Revenue transactions are recorded differently depending on whether cash is received before, when, or after services are performed or products are sold.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: Liabilities are listed in order of the amount owed, least to greatest.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In business accounts, net worth is formally referred to as:

Owner's Equity

Owner's Portion

Owner's Stake

Owner's Shares

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An account payable is a long-term liability

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

XYZ Hotel provides $2,000 worth of rooms to customers and will receive payment within 30 days. How should this transaction be recorded?

Increase cash; increase revenue

Increase accounts receivables; increase unearned revenue

None of the answers are correct

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