Liabilities are usually classified as either current or noncurrent liabilities. Current li
(46)
A.calculation
B.liquidation
C.counting
D.account
(46)
A.calculation
B.liquidation
C.counting
D.account
A.28
B.29
C.30
D.31
The accounting equation shows the relationship among ______.
A.assets, liabilities and investor's yield
B.assets, liabilities and owner's equity
C.capital, liabilities and profits
D.capital, costs and profits
In the Lloyd's system, all the members ______.
A.underwrite with unlimited liabilities
B.underwrite without unlimited liabilities
C.underwrite with limited liabilities
D.underwrite without limited liabilities
Liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets are called ______.
A.long-term trust
B.long-term liabilities
C.current liabilities
D.current investment
A.Current assets
B.Non-current assets
C.Current liabilities
D.Non-current liabilities
E.Paid-in capital
F.F.Retained earnings
Assets and liabilities of a firm are both shown on the firm's balance sheet.
A.Right
B.Wrong
C.Doesn't say
A.He simply adds all the amounts together.
B.He puts the assets and liabilities on the balance sheet objectively.
C.He makes restatement if the value of money depreciates.
D.He records the assets and liabilities on the balance sheet ignoring the change in purchasing power value of the currency.
The amount of liabilities of a business tells us how much the business owes to outsiders.
A.Right
B.Wrong
C.Doesn't say
"Balance Sheet" means the statement on which a bank's assets and liabilities are listed.
A.Right
B.Wrong
C.Doesn't say
A profit and loss statement indicates the company's ______.
A.assets and liabilities at a particular point in time
B.revenues and expenses for a specific period of time
C.financial resources at a particular point in time
D.performance at a particular point in time