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WorksheetsMODULE 6 QUIZ
Total questions: 10
Worksheet time: 9mins
These are debts or obligations or amounts due to creditors. It is anything “owed” by the business.
ASSETS
CAPITAL
EXPENSES
LIABILITIES
These are amount incurred/paid for the use of light, water, and telephone for the business.
Rent Expense
Rent Payable
Utilities Expense
Utilities Payable
Check the accounts under Fixed Assets
Furniture and Fixtures
Office Supplies
Office Equipment
Service Truck
Prepaid Rent
These are amounts or obligations due to creditors arising from the purchase of goods and services on account.
Accounts Payable
Accounts Receivable
Notes Payable
Notes Receivable
The legal rights to an invention.
(a)
What is the other term for Owner'sEquity?
(a)
It is a liability to pay the bank or other financing institutions arising from funds borrowed by the business from these institutions payable within twelve months or shorter.
Accounts Payable
Loan Payable
Mortgage Payable
Notes Payable
What account will be used if the business bought desks, tables, chairs, built-in-cabinets.
Equipment
Furniture and Fixtures
Prepaid Expense
Supplies
It is considered a hidden asset of the business and represents the value and reputation of the business.
(a)
These are things of value “owned” by the business.
(a)
