General Financial Accounting, Finance And Accounting

Question: Which of the following options would NOT be classified as a current liability account?
A
Accounts Payable

B
Interest Payable

C
Rent Received in Advance

D
All of the above are current liability accounts

Note: Answer not sure
1. Report
Question: The amount of income tax postponed for payments to future years is called ________________.
A
Deferred Income Taxes

B
Deferred Income

C
Unearned Revenue

D
Advances to Suppliers

Note: Answer not sure
1. Report
Question: Insurance premiums paid for future coverage are called ______________.
A
Deferred Income

B
Deferred Income taxes

C
Prepaid Insurance

D
Unearned Revenue

Note: Answer not sure
1. Report
Question: Which of the following does NOT represent an acceptable presentation of the Balance Sheet equation?
A
Assets - Liabilities = Owners Equity

B
Assets = Liabilities + Capital Stock + Capital Contributed in Excess of Par Value + Retained Earnings

C
Assets = Equity

D
All of these acceptable.

Note: Answer not sure
1. Report
Question: Which of the following liabilities would be accounted for at the present value of future cash payments?
A
Accounts Payable

B
Bonds Payable

C
Income Taxes Payable

D
Advances from Customers

Note: Answer not sure
1. Report
Question: The process of recording transactions in the general journal or in a special journal is called ________________.
A
journalizing

B
posting

C
financial reporting

D
cash reporting

Note: Answer not sure
1. Report
Question: Which of the following is a type of liquid asset, such as a demand deposit?
A
Cash

B
Notes Receivable

C
Accounts Receivable

D
Fixed Assets

Note: Answer not sure
1. Report
Question: Which of the following statements about the rules of debit and credit is incorrect?
A
Credits always mean decreases.

B
Debits reduce shareholders' equity.

C
Assets have debit balances.

D
Debits are always recorded on the left.

Note: Answer not sure
1. Report
Question: Deduction or valuation accounts that accumulate amounts subtracted from other accounts are called _____________________.
A
contra accounts

B
depreciation accounts

C
asset accounts

D
Owners Equity

Note: Answer not sure
1. Report
Question: From the following list of selected account balances, determine the total for the shareholders' equity section of the Balance Sheet for XYZ Company. $2,500 - Investment in Stock of ABC Company $5,000 - Retained Earnings $3,000 - Cash $2,000 - Note Payable to Suppliers $10,000 - Common Stock $7,500 - 8% Preferred Stock
A
$20,500

B
$22,500

C
$24,500

D
$25,500

Note: Answer not sure
1. Report

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Question: Which of the following options would NOT be classified as a current liability account?

Question: The amount of income tax postponed for payments to future years is called ________________.

Question: Insurance premiums paid for future coverage are called ______________.

Question: Which of the following does NOT represent an acceptable presentation of the Balance Sheet equation?

Question: Which of the following liabilities would be accounted for at the present value of future cash payments?

Question: The process of recording transactions in the general journal or in a special journal is called ________________.

Question: Which of the following is a type of liquid asset, such as a demand deposit?

Question: Which of the following statements about the rules of debit and credit is incorrect?

Question: Deduction or valuation accounts that accumulate amounts subtracted from other accounts are called _____________________.