Which of the following items will least likely to appear on the balance sheet of a service business?

Select one:

a$.$ Accounts Receivable

b$.$ Cash

c$.$ Inventory

d$.$ Accounts Payable

Question $2$

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Assets on the balance sheet are listed in order of:

Select one:

a$.$ Liquidity

b$.$ Date of acquisition

c$.$ Value

d$.$ Expiry date

Question $3$

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In business accounts, net worth is formally referred to as:

Select one:

a$.$ Owner$$s stake

b$.$ Owner$$s portion

c$.$ Owner$$s shares

d$.$ Owner$$s equity

Question $4$

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Which of the following liabilities is generally listed first in a balance sheet?

Select one:

a$.$ Long$-$term loans payable

b$.$ Unearned revenue

c$.$ Accounts payable

d$.$ Bank loan payable

Question $5$

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Computers and other assets that are expected to last for more than a year are referred to as:

Select one:

a$.$ Current assets

b$.$ Property, plant and equipment

c$.$ Prepaid Expenses

d$.$ Cash equivalents

Question $6$

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When an owner withdraws cash for personal use the transaction is recorded by:

Select one:

a$.$ Decreasing assets; increasing owner$$s equity

b$.$ Decreasing assets; decreasing liabilities

c$.$ Decreasing assets; increasing liabilities

d$.$ Decreasing assets; decreasing owner$$s equity

Question $7$

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The difference between service revenue and cost of sales is called:

Select one:

a$.$ Depreciation

b$.$ Cash

c$.$ Gross Profit

d$.$ Rent Expense

Question $8$

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Which of the following items will least likely to appear on the Income Statement of service business?

Select one:

a$.$ Rent Expense

b$.$ Service Revenue

c$.$ Cost of Goods Sold

d$.$ Depreciation

Question $9$

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What account tracks the value of all the goods the store has purchased and intends to sell to its customers.

Select one:

a$.$ Depreciation

b$.$ Cash

c$.$ Merchandise Inventory

d$.$ Accounts Receivable

Question $10$

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Net income for a business is equivalent to the following personal accounting item:

Select one:

a$.$ Salary

b$.$ Capital

c$.$ Surplus

d$.$ Net worth