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Account Types
Accounting Play 1
2022-11-07T16:08:53+00:00
Quiz - Account Types
1
Information
2
Question 1-10
3
Question 11-20
4
Question 21-30
5
Question 31-40
6
Question 41-45
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1. Bonds payable, due in year 8, classification:
Noncurrent liability
Current asset
Noncurrent asset
Contra equity
2.
Treasury stock
, classification:
2.
Treasury stock
, classification:
Noncurrent liability
Contra equity
Noncurrent asset
Current asset
3.
Accounts payable
, classification:
2.
Treasury stock
, classification:
Noncurrent liability
Contra equity
Current liability
Contra asset
4. Sales discounts, classification:
Noncurrent liability
Contra equity
Current liability
Contra
revenue
5.
Notes payable
, due in nine months, classification:
5.
Notes payable
, due in nine months, classification:
Current liability
Noncurrent asset
Contra asset
Contra
revenue
6.
Inventory
, classification:
6.
Inventory
, classification:
Noncurrent liability
Current asset
Current liability
Contra asset
7.
Accounts receivable
, classification:
7.
Accounts receivable
, classification:
Owners' equity
Noncurrent asset
Current asset
Contra asset
8.
Common stock
, classification:
8.
Common stock
, classification:
Noncurrent liability
Contra asset
Contra
revenue
Owners' equity
9. Cost of goods sold, classification:
Expense
Noncurrent asset
Contra asset
Noncurrent asset
10. Allowance for uncollectible accounts, classification:
Owners' equity
Contra asset
Current asset
Noncurrent liability
11. Which of the following is an asset?
Accounts payable
Prepaid expense
Retained earnings
Bonds payable
12. Which of the following is a liability?
Prepaid expense
Interest
Accrued expense
Amortization
13. Which is an equity account?
Bonds
Equipment
Depreciation
Common stock
14. What is the purpose of the notes to the financial statements?
Cash flow reporting
Change in
retained earnings
Sum of all transaction
Full disclosure
15. What two accounts are affected when a business receives cash for a loan?
Cash,
Common stock
Cash,
Notes payable
Cash,
Retained earnings
Bitcoin,
Treasury stock
16. Please classify the following account:
Bank CD
16. Please classify the following account:
Bank CD
Asset
Liability
Equity
Revenue
17. Please classify the following account:
Prepaid expense
17. Please classify the following account:
Prepaid expense
Asset
Revenue
Expense
Equity
18. Please classify the following account:
Allowance for doubtful accounts
18. Please classify the following account:
Allowance for doubtful accounts
Asset
Contra asset
Liability
Contra liability
19. Please classify the following account:
Accumulated depreciation
Liability
Contra liability
Contra asset
20. Generally define
current assets
:
20. Generally define
current assets
:
Assets to be used in a year or less
Assets to be used in a year or more
Assets to be used in a month
Liabilities due in less than a year
21. Generally define
long-term assets
:
21. Generally define
long-term assets
:
Assets to last less than a year
Assets to last more than a year
Liabilities due in less than a year
Liabilities due greater than a year
22. Generally define
current liabilities
:
22. Generally define
current liabilities
:
Bonds
Stocks
Liabilities to be paid in one year or less
Liabilities to be paid in one year or more
23. Generally define
long-term liabilities
:
23. Generally define
long-term liabilities
:
Assets to be used in a year or less
Assets to be used in a year or more
Liabilities to be paid in one year or less
Liabilities to be paid in one year or more
24. Please define the following account:
Accounts payable
24. Please define the following account:
Accounts payable
Money a company owes for goods and services
Money a company owes for long-term borrowing
Money that is owed to the company
Money in the bank
25. Please classify the following account:
Notes payable
25. Please classify the following account:
Notes payable
Asset
