Accounting Test 3
Chapter 8: Current Liabilities
Liability: Is a present responsibility to sacrifice assets in the future due to a
transaction or other event that happened in the past.
1) Probable future sacrific
Chapter 10: Stockholders Equity
Stockholders equity consists of three primary classifications
1. Paid-in Capital: the amount stockholders have invested in the company.
2. Retained Earnings: the amount of earnings the corporation has kept or
Chapter 9: Long-Term Liabilities
Debt Financing: Refers to borrowing money (liabilities).
Equity Financing: Refers to obtaining additional investment from stockholders
The mixture of liabilities and stockholders equity a business us
Problem62A(LO 6-3, 6-4, 6-5)
Requirement 1 Specific identification
ACC 203 final review questions
1. Which of the following is not a current liability?
B. A note payable due in 2
C. Current portion of long-term
D. Sales tax
2. Liabilities are defined as: