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1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d. Resources b. Liabilities

1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d. Resources b. Liabilities

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.11E
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What I Know Directions: Choose the letter of the best answer and write your answer on a separate sheet of paper. 1. It pertains to resources which are controlled and owned by the business. a. Assets b. Liabilities c. Equity d. Resources 2. It is derived from deducting the total liabilities to the total assets of a company, a. Assets . b. Liabilities c. Equity d. Resources 3. Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future? a. Assets b. Liabilities c. Equity d. Resources 4. Which of the following is the correct Accounting Equation? a. Assets + Liabilities Equity b. Assets = Liabilities Equity c. Assets Liabilities + Equity d. Assets + Equity = Liabilities 5. Which of the following is classified as Current Asset? a. Prepaid Expenses b. Land c. Delivery Vehicle d. Copyright 6. Which of the following financial statements presents the financial position of au entity at a given or specific date? a. Income Statement b. Statement of Financial Position c. Statement of Changes in Equity d. Statement of Cash FloWs 7. All of the following are classified as Assets, EXCEPT: a. Accounts Receivable b. Inventory c. Building d. Accounts Payable 8. Which of the following is classified as a non-current liabilnty c. Utilities Payable d. Unearned Revenue a. Accounts Payable b. Mortgage Payable 9. Which of the following is classified as a current asset? c. Investments d. Drawings a. Prepaid Rent b. Unearned Rent
Transcribed Image Text:What I Know Directions: Choose the letter of the best answer and write your answer on a separate sheet of paper. 1. It pertains to resources which are controlled and owned by the business. a. Assets b. Liabilities c. Equity d. Resources 2. It is derived from deducting the total liabilities to the total assets of a company, a. Assets . b. Liabilities c. Equity d. Resources 3. Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future? a. Assets b. Liabilities c. Equity d. Resources 4. Which of the following is the correct Accounting Equation? a. Assets + Liabilities Equity b. Assets = Liabilities Equity c. Assets Liabilities + Equity d. Assets + Equity = Liabilities 5. Which of the following is classified as Current Asset? a. Prepaid Expenses b. Land c. Delivery Vehicle d. Copyright 6. Which of the following financial statements presents the financial position of au entity at a given or specific date? a. Income Statement b. Statement of Financial Position c. Statement of Changes in Equity d. Statement of Cash FloWs 7. All of the following are classified as Assets, EXCEPT: a. Accounts Receivable b. Inventory c. Building d. Accounts Payable 8. Which of the following is classified as a non-current liabilnty c. Utilities Payable d. Unearned Revenue a. Accounts Payable b. Mortgage Payable 9. Which of the following is classified as a current asset? c. Investments d. Drawings a. Prepaid Rent b. Unearned Rent
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