Acct test 1

Quiz
•
Business
•
University
•
Easy
Andrew Andrew
Used 5+ times
FREE Resource
87 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An advantage of the corporate form of business is that
it has limited life.
its owner’s personal resources are at stake.
it is simple to establish.
its ownership is easily transferrable via the sale of shares of stock
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following has the advantage of enabling a business to raise funds most easily?
Entity
Sole proprietorship
Corporation
Partnership
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The right to receive money in the future is called a(n)
account payable.
account receivable.
liability.
revenue.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Resources owned by a business are referred to as
stockholders’ equity.
liabilities.
assets.
revenues.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debts and obligations of a business are referred to as
assets.
equities.
liabilities.
expenses.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an asset?
Mortgage payable
Investments
Common stock
Retained earnings
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liabilities
are future economic benefits.
are debts and obligations.
possess service potential.
are things of value owned by a business.
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