Long Quiz (Balance Sheet & Income Statement)

Passage
•
Business
•
11th Grade
•
Hard
Josephine Quibido
Used 2+ times
FREE Resource
41 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If an entity has notes payable over a 3-year period, that is a long-term liability but if the notes payments that are due during the current year are considered the current portion of long-term debt.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Obligations that are due and payable less than a year are current assets.
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A person who owns a business with many branches can prepare a single set of financial statements.
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Small businesses, such as sari-sari stores have little or no use of accounting.
TRUE
FALSE
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Permanent accounts are real accounts.
TRUE
FALSE
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Contra Assets accounts are nominal accounts.
TRUE
FALSE
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Current assets and current liabilities are also called short-term assets and short-term liabilities.
TRUE
FALSE
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