Quiz: Accounting Basics 3 - Assets
8 Questions
| Total Attempts: 104
Enter your name and email address below and then watch the video on the next page. Make notes as if you were attending a lecture and then answer the quiz questions that follow.
Questions and Answers
- 1.A(n) ................ is something that has future or potential value.
- A.
Liability
- B.
Asset
- C.
Stockholder
- 2.Pens, paper and printing cartridges are all examples of prepayments
- A.
True
- B.
False
- 3.Which one of the following items is not an asset?
- A.
Prepayment of rent
- B.
Inventory
- C.
Bank Loan
- D.
Building
- 4.What is the main differnce between supplies and inventory?
- 5.Credit card receipts are examples of ACOUNTS PAYABLE
- A.
True
- B.
False
- 6.Which of the following items below would be classified as Long Life Assets?
- A.
Land and Buildings
- B.
Inventory
- C.
Motor Vehicles
- D.
Supplies
- E.
Fixtures and Fitings
- F.
Cash at bank
- 7.Insurance paid in advance is known as a
- 8.How would you define an asset?
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