11. The following accounts are listed in order of liquidity... A. Current Assets B. Current Liabilities C. Both A...

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Accounting

11. The following accounts are listed in order ofliquidity...
A. Current Assets
B. Current Liabilities
C. Both A and B
D. Long-term assets
E. none of the above
13. Retained earnings are found on the...
A. Balance Sheet
B. Income Statement
C. Neither A nor B
D. Noth A and B
15. A credit entry has the following effect on a liabilityaccount..
A. Increases
B. Decreases
C. No effect
17. Goldstone LLC purchases a machine on credit a liabilityaccount increases and...
A. An asset account increases
B An asset account decreases
C. An owner's equity account decreases
D. None of the Above
18. The adjusting entry dealing with prepaid rent, debits andowner's equity account and credits which type of account?
A. Asset
B. Liability
C. Owners Equity
D. None of the above
19. Greenway LLC purchased equiptment on credit. The Equipmentaccount increases and ...
A. A liability account decreases
B. A liability account increases
C. An asset account decreases
D. None of the above

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11 The following accounts are listed in order of liquidity A ie CURRENT ASSETS Explanation In the balance sheet the Assets are presented following the principle of listing them in their order of liquidity In the Current Assets account the order of liquidity is followed by listing the items in the order of time it would take to convert into cash and therefore they are listed as per the order given belowie most liquid first and least liquid at the end See Answer

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11. The following accounts are listed in order ofliquidity...A. Current AssetsB. Current LiabilitiesC. Both A and BD. Long-term assetsE. none of the above13. Retained earnings are found on the...A. Balance SheetB. Income StatementC. Neither A nor BD. Noth A and B15. A credit entry has the following effect on a liabilityaccount..A. IncreasesB. DecreasesC. No effect17. Goldstone LLC purchases a machine on credit a liabilityaccount increases and...A. An asset account increasesB An asset account decreasesC. An owner's equity account decreasesD. None of the Above18. The adjusting entry dealing with prepaid rent, debits andowner's equity account and credits which type of account?A. AssetB. LiabilityC. Owners EquityD. None of the above19. Greenway LLC purchased equiptment on credit. The Equipmentaccount increases and ...A. A liability account decreasesB. A liability account increasesC. An asset account decreasesD. None of the above