financial statement

Which of the following are items of Expenses?

• salaries, utilities, inventory, discount allowed

• salaries, utilities, insurance, discount allowed

• salaries, utilities, interest received, discount allowed

• salaries, utilities, loan, discount allowed

What is the difference between non-current assets and current assets?

• NCA provide benefits that are used within one financial period but CA provide benefits that last beyond one financial period

• NCA provide benefits that last beyond one financial period but CA provide benefits that are used within one financial period

• NCA are easily converted to cash but CA are not easily converted to cash easily

• NCA are not loans but CA are loans

When revenue > expenses, then there is a

• Net Loss

• mistake in the math

• Net Income

• transposition error

All of the following are assets, except for?

• Goodwill

• Patents

• Loans to other businesses

• Loans from other businesses

A firm’s financial obligations to short-term creditors, which must be repaid within one year.

• Current Assets

• Current Liabilities

• Accounts Receivable

• Accounts Payable

Cash at bank is an example of a

• Current asset

• Non-current asset

• Equity

A balance sheet shows:

• how much gross profit it has

• how much net profit it has

• how much a business owns and owes

What are assets?

• What a company owns; anything of value owned by a business.
• Costs of operating a business.
• Detailed plans for the financial needs of individuals, families, and businesses.
• Differences between actual and budgeted performance.  

What are liabilities?

• The money paid to employees.
• Costs of operating a business.
• The act of buy items. 
• What a company owes.

Two examples of tangible assets are:

• Trademarks and Patents

• b. Inventory and Trademarks

• b. Patents and Cash