题目内容

A partnership ( )

A. Is also called a sole proprietorship.
B. Has unlimited liability for its partners.
C. Has to have a written agreement in order to be legal.
D. Is a legal organization separate from its owners.

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An example of an operating activity is: ( )

A. Paying wages.
B. Purchasing office equipment.
C. Borrowing money from a bank.
D. Paying off a loan.

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Creditors' claims on the assets of a company are called: ( )

A. Net losses.
B. Expenses.
C. Revenues.
D. Liabilities.

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The difference between a company's assets and its liabilities, or net assets is: ( )

A. Net income.
B. Expense.
C. Equity.
D. Revenue.

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Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are ( )

A. Total assets decrease and equity increases.
Both total assets and total liabilities decrease.
C. Total assets, total liabilities, and equity are unchanged.
D. Both total assets and equity are unchanged and liabilities increase.

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A partnership ( )

A. Is also called a sole proprietorship. B. Has unlimited liability for its partners. C. Has to have a written agreement in order to be legal. D. Is a legal organization separate from its owners.

An example of an operating activity is: ( )

Creditors' claims on the assets of a company are called: ( )

The difference between a company's assets and its liabilities, or net assets is: ( )

Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are ( )

A. Is also called a sole proprietorship.
B. Has unlimited liability for its partners.
C. Has to have a written agreement in order to be legal.
D. Is a legal organization separate from its owners.