Pre_test_2.BAC100.FUNDAMENTAL_OF_ACCOUNTING | Download for quality grades | correct answers 100%|

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1. Which of the following is a liability of a firm? A. an office building owned by the firm B. inventories for sale stored in the warehouse C. money which the firm has borrowed and has not yet be... en paid D. money owed to the firm by its customers ___A__ 2. Revenue from sale of goods in the normal course of business is reported as part of the earning in the period when: A. the sale is made B. the cash is collected C. the products are manufactured D. the sale forecasts are completed ___B__ 3. Identify the incorrect statement. A. Assets – Liabilities = Equity B. Equity – Liabilities = Assets C. Assets = Equity + Liabilities D. Assets – Equity = Liabilities ___B__ 4. Which part of the accounting equation does a sale on account affect? A. Accounts Receivable and Accounts Payable B. Accounts Receivable and Owner, Capital C. Accounts Payable and Owner, Capital D. Accounts Payable and Cash [Show More]

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