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Account Types
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
