Economics Homework Help
MBCC Accounts Payable Company Assets & Financial Statements Worksheet
I’m working on a finance multi-part question and need guidance to help me learn.
Accounting 1
Which of the following is not a liability?
a. Accounts Payable
b. Accounts Receivable
c. Notes Payable
d. Utilities Payable
Which of the following equations represents the fundamental accounting equation?
a. Assets+Stockholders’ Equity=Liabilities
b. Liabilities-Assets= Stockholders’ Equity
c. Assets+Liabilities=Stockholders’ Equity
d. Assets=Liabilities+Stockholders’ Equity
The assets pf a company represent:
a. Amounts owed to creditors
b. Sales of goods or services to customers
c. Resources that will be used to benefit the company
d. Investments by stockholders
Financial accounting is often referred to as:
a. Tax allocation system
b. Language of Business
c. Mathematical system of equations
d. Internal reporting structure
Which financial statements reports a company’s assets and liabilities?
a. Income Statement
b. Statement of stockholders’ equity
c. Balance Sheet
d. Statement of cash flows
Which of the following does not represent an asset of a company?
a. Supplies held by the company
b. Amounts owed to suppliers
c. Equipment owned and used for operations
d. Amounts receivable from customers
The payment of a liability:
a. Decreases assets and liabilities
b. Increases assets and decreases liabilities
c. Decreases assets and increases liabilities
d. Increases assets and liabilities
The purchase of inventory for cash:
a. Decreases assets and liabilities
b. Increases assets and decreases liabilities
