Understanding Financial Statements Bizzer Professional Training


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Please answer the questions below
Practice Excercise


The following excercise should aid in understanding Double Entry Accounting. Please answer the questions below and proceed by clicking the Appropriate button located next to the answer
1. Accounts receivable would be considered:
 
Liability
 
Fixed asset
 
Current asset
 
None of the above

2. Common equity includes
  Common Stock
  Capital Surplus
  Retained earnings
  All of the above

3. Preferred stock would be considered
  A current liability
  A long-term liability
  Owner's Equity
  None of the above
  All of the above

4.
Intangible assets would include
Goodwill
Trademarks
Copyrights
All of the above
None of the above

5. Long-term liabilities are those that
  are due in 1 year or more
  are due in 5 years or more
  are due in 10 years or more
  None of the above

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