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- Multiple ChoicePlease save your changes before editing any questions.
It is a financial statement that reports the assets, liabilities, and equity of a company on a given date.
Statement of Income
Statement of Financial Position
Statement of Cash Flow
Statement of Changes in Equity
- Multiple ChoicePlease save your changes before editing any questions.
"A/An ________ is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.”
Asset
Liability
Owner's Equity
None of the above
- Multiple ChoicePlease save your changes before editing any questions.
Includes coins, currencies, checks, bank deposits, and other cash items readily available for use in the operations of the business.
Cash
Receivables
Payables
Securities
- Multiple ChoicePlease save your changes before editing any questions.
What are the three elements of financial position?
Assets
Expenses
Liabilities
Owner's Equity
- Multiple ChoicePlease save your changes before editing any questions.
It is the amount collectible from the customer to whom sales have been made or services have been rendered on account or credit.
Notes Receivable
Interest Receivable
Accrued Income
Accounts Receivable
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It is a promissory note issued by the client or the customer in exchange for services or goods received as evidence of his/her obligation to pay.
Accounts Receivable
Notes Receivable
Interest Receivable
Accrued Income
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Stocks and bonds purchased by the enterprise and are to be held for only a short span of time or short duration.
Marketable Securities
Government Bonds
Cash Equivalents
Non-current assets
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This is deducted from the accounts receivable account to get the net realizable value.
Accumulated Depreciation
Allowance for Bad Debts
Prepaid Expenses
Prepaid Income
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Income already earned but not yet received.
Accrued Income
Service Income
Gross profit
Sales Revenue
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Include supplies bought for use in the business or services and benefits to be received by the business in the future paid in advance.
Prepaid expenses
Accrued Income
Supplies Expense
Operating Expenses