Introduction to accounting lesson 3 attempt 1.docx - Your...

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Your quiz has been submitted successfully. Question 1 5 / 5 points Which of the following statements is not true: Question options: Accounts receivable are held by a seller. Accounts receivable arise from credit sales. Accounts receivable are increased by customer payments. Accounts receivable are classified as assets. Question 2 5 / 5 points Prepaid accounts (also called prepaid expenses) are generally: Question options: Payments made for products and services that never expire. Classified as liabilities on the balance sheet. Classified as equity on the balance sheet. Assets that represent prepayments of future expenses. Question 3 5 / 5 points Which of the following is NOT an equity account:
Question options: Unearned Revenue Owner, Capital Services Revenue Wages Expense Question 4 5 / 5 points A company's written promise to pay (in the form of a promissory note) a future amount is a(n): Question options: Unearned revenue. Prepaid expense. Credit account. Note payable. Question 5 5 / 5 points A company's ledger is: Question options: A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.

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