Self Study
I. Choo the best answer for each question below.
1. Which of the following is not one of the features of the balance sheet?
A) Asts, liabilities and owners’ equity are three classified items of balance sheet.
B) The balance sheet can be prepared from the work sheet.
C) The balance sheet prents detailed and specific data that are enormous and difficult to read.
D) The balance sheet can help lenders to make lending decisions.
2. Which of the following is NOT one of the basic financial statements?
A) Balance sheet.
B) Accounting work sheet.
C) Income statement.公顷单位>乌鸦和狐狸
D) Statement of cash flows.
3. Which of the following can be considered a current ast?
A) Inventory.
B) Equipment.
C) Land.
D) Franchi.
4. Intangible asts do NOT include ______.
A) copyrights
B) brand
C) goodwill
D) bonds
经期能吃芒果吗 5. Current liabilities include the following except ______.
A) accrued liabilities
B) dividends payable南阳西峡
C) notes payable
D) prepaid expens
6. Which of the following is the feature of liabilities?
A) Current liabilities and long-term liabilities constitute the two categories of liabilities.
B) Liabilities are not desirable becau it means debts to the firm.
C) A firm must pay all its liabilities by the same deadline in the future.
D) A liability aris when a business liquidates a portion of its debts.
7. Which of the following descriptions is NOT right about owners’ equity?
A) Owners’ equity is the resources invested by the owner of the company.
B) Owners’ equity is always equal to the total asts plus the liabilities.
C) The owner of the company can claim his benefits after the creditors.短线股票操作
D) Owners’ equity is also called shareholders’ equity in a corporation.
8. Shareholders’excel翻译 equity in a corporate form of ownership is ______.
A) solely compod of paid-in capital
B) solely compod of retained earnings
C) not any more complicated than owners’ equity in a partnership
D) more complicated than owners’ equity in a partnership
9. Which of the following descriptions about the balance sheet is NOT right?
A) The balance sheet can be arranged in the account form.
B) The balance sheet can be arranged in the report form.
C) The asts and the liabilities can be listed on the left-hand side and the owners’ equity on the right-hand side.
D) The asts can be listed at the top and followed by the liabilities and owners’ equity.
10. Which of the following is a correct statement about the balance sheet?
A) In the balance sheet, asts are listed in the order of intangible asts, current asts and long-term asts.
B) Notes receivable are always listed before accounts receivable, inventories, and cash.
C) Preferred stock, common stock and paid-in capital are usually listed before retaine女孩名字寓意好的字
d earnings.
D) Liabilities are always listed before the owners’ equity.
II. Fill in the blanks with the proper words.
1. Cash includes bank deposits, currency, coin, checks, bank _______, and money _______, etc.
2. Accounts receivable are owed by a customer for sales of rvices or merchandi _______ and are _______ by customers to pay in the future.
3. When a sum of money is borrowed by the firm, a _______ is incurred.
戒杀 4. Owners’ equity is a _______ claim becau the claims of the ________ legally come first.
5. Decreas of the owners’ equity are caud in two ways: _______ of cash and _______ from unprofitable operation.
6. A balance sheet ts forth two major parts in its format: ________ and ________ of the statement.
7. If ABC Company has asts of $300,000 and owner’s equity of $50,000, its liabilities should be ________.
III. True or Fal questions.
1. The balance sheet prents a flowing picture of the company’s financial position at a specific time. ( )
2. Tangible asts have no physical existence, but they do have value that may bring the business huge profits. ( )
3. A company that borrows money from an external party is called a creditor.( )
4. Long-term liabilities are obligations that a business does not expect to liquidate within the normal operating cycle or one year. ( )
