1.
Which of the following statements about a debit balance in a liability account is true?
2.
Which of the following accounts is a contra asset account?
3.
Which of the following inventory costing methods assumes that the first items purchased are the first items sold?
4.
Which of the following financial statements reports a company's profitability over a specific period of time?
5.
Which of the following financial ratios measures a company's ability to meet its short-term financial obligations? a. b. c. d.
6.
Which of the following financial statements shows a company's assets, liabilities, and equity at a specific point in time? a. b. c. d.
7.
Which of the following statements is true regarding the accrual basis of accounting?
8.
Which of the following accounts would be debited when recording the purchase of office supplies on account?
9.
Which of the following types of accounts have a normal credit balance? a. b. c. d.
10.
Which of the following accounts would be credited when recording the payment of a supplier invoice? a. b. c. d.
