QUESTION You are an antiques dealer. Which of the following would NOT be an example of your operating expenses? A) rent paid to the owner of your building B) amounts spent on utilities C) money paid for administrative salaries D) purchase of antiques for resale ANSWER D
Date: September 3rd, 2020
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 When does an expense become a cash outflow? A) when a company makes a withdrawal from its bank B) when a company decides to make a purchase C) when a company receives a bill D) when a company pays a bill ANSWER D
Date: September 3rd, 2020
QUESTION Investments in objects, such as coins, stamps, and art, are considered to be very liquid. Indicate whether the statement is true or false ANSWER FALSE
Date: September 3rd, 2020
QUESTION Expenses are divided into A) operating expenses and income. B) cost of revenue and operating expenses. C) cash out and cash deferred. D) invoices received and invoices paid. ANSWER B
Date: September 3rd, 2020
