WorksheetsAssets and Liabilities Mastery Quiz
Total questions: 15
Worksheet time: 8mins
Can you spot the tangible asset among these options?
Brand reputation
Cash
Patents
Copyrights
What's the secret clue to identify a current asset from a non-current asset?
Its magical ability to be touched or seen
Its ancient life expectancy of more than one year
Its swift convertibility into cash within one year
Its role in the mystical production of goods
Can you spot the financial asset among these options?
A company vehicle zooming down the road
Stocks owned in another company
A manufacturing plant, bustling with activity
A trademark, a symbol of power and recognition
What is a non-operating liability?
Liabilities from primary business operations
Liabilities not due within the next year
Liabilities from activities not related to primary business operations
Liabilities without interest
Quick! You're the CFO in a game of Monopoly, and you need to pay off a short-term liability. Which of these would you likely need to settle first?
Mortgage payable in 15 years
Bonds payable in 5 years
Accounts payable
Deferred tax liabilities
Borrowing a treasure chest and returning it with extra gold coins is similar to what kind of liability?
One where you don't need to give back any extra gold coins
One that you need to return within the next 12 moons
One that requires giving back extra gold coins as interest
One that's related to your main pirate activities
Which of these is NOT something you can touch, but counts in the business world?
Inventory
Buildings
Goodwill
Land
Which treasure would you not expect to cash in within a year?
A magical gem that turns into gold within 90 days
A sturdy chest filled with ancient coins
A mysterious artifact expected to be sold after a year-long quest
An enchanted scroll held for a long-term prophecy
Which of these items is NOT about the money, honey?
Corporate bonds
A company-owned patent
Shares in a mutual fund
A savings account
What are operating liabilities?
Liabilities that do not generate interest
Liabilities related to the primary business activities
Liabilities that are settled through the issuance of shares
Long-term liabilities
How would you classify long-term liabilities?
Due within the next 3 moon cycles
Without any interest
Last more than one annual festival
Related to daily potion-making
What is the situation where you owe notes that don't grow with interest over time best described as?
The requirement to pay interest
Its long-term nature
No requirement to pay interest
Being due within the next 12 months
Which of these is a tangible asset?
A financial investment
A piece of machinery
A company's brand value
A software license
Which of these items is NOT usually found in the treasure chest of current assets?
Cash and cash equivalents
Property, plant, and equipment
Accounts receivable
Inventory
Which of these is a financial asset?
Land held for investment
Accounts payable
Trade marks
Government bonds
