QUESTION All of the following are included in the fundamental accounting equation EXCEPT ________. a. assets b. owners’ equity c. bonds d. liabilities ANSWER c
Date: September 3rd, 2020
QUESTION Shareholders are A) people who own a part of a company and have a vested interest in its profits. B) people who may or may not own a part of a company but are directly affected by its activities. C) computer systems that keep track of a company’s stock price. D) companies that track […]
Date: September 3rd, 2020
QUESTION From looking at Apple Inc’s balance sheet in Figure 2.2, an investor knows that Apple would not be forced to sell fixed assets to cover its debts because ________ are more than enough to pay off all its liabilities. a. property, plant, and equipment b. current assets c. intangible assets d. common stock […]
Date: September 3rd, 2020
QUESTION Stakeholders are A) people who own a part of a company and have a vested interest in its profits. B) people who may or may not own a part of a company but are directly affected by its activities. C) computer systems that keep track of a company’s stock price. D) companies that track […]
Date: September 3rd, 2020
QUESTION What are accounts payable? A) paid bills for products or services a company has sold B) unpaid bills for products or services a company has sold C) unpaid bills for expenses a company has incurred D) paid bills for expenses a company has incurred ANSWER C
Date: September 3rd, 2020
QUESTION An example of an asset that can earn money while you own it is a(n) ________. a. MP3 music player that you listen to while eating dinner b. shoebox of cash hidden under your bed c. computer server that your business uses to double the number of Web site visitors d. console that only […]
Date: September 3rd, 2020
QUESTION A business model is A) a corporation’s strategy for gathering information about competitors. B) a prototype for a new product or service a company wants to develop. C) a physical rendering of how a company’s facilities will be constructed. D) an organization’s plan for creating value for its stakeholders. ANSWER D
Date: September 3rd, 2020
QUESTION A legal obligation that an individual or company has to pay back is a(n) _______, a. inventory b. liability c. owners’ equity d. asset ANSWER b
Date: September 3rd, 2020
QUESTION The goal of a not-for-profit organization is to A) eventually advance to for-profit status. B) earn a profit for its owners. C) use any money it makes to further the cause or association it promotes. D) deliver products or services that benefit corporations. ANSWER C
Date: September 3rd, 2020
QUESTION ________ consist of credit that is extended to a business for necessary purchases. a. Accounts receivable b. Accounts payable c. Intangible assets d. Retained earnings ANSWER b
Date: September 3rd, 2020
