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1. Means an association of persons formed to carry on some business for profit or to promote art, science, education or some charitable purpose
A
Company
B
Assets
C
Convertibility
2. May or may not be incorporated.An incorporated company or a "corporation" is a single person distrinct from the individuals constituting it. Therefore, unike a partnership, a company is corporate body and a legal person having status and personality
A
Company
B
Assets
C
Non Assets
3. Is capable of ringhts and duties of its own endowed with the potential of perpetual succession and has a limited liability
A
Non Asset
B
Company
C
Asset
4. is considered useful or helps an organization to bee successful
A
Something or someone that is an asset
B
Asset
C
Curent Asset
5. which Asset Account can subdivided
A
Many Accounts y Depending on their nature
B
Assumed holding periods
C
All of them
6. If the assets are classified based on their
A
convertibily into money
B
convertibily into work
C
7. They are assets that can be simplu convert into cash and cash equivalents, refers to those resources which a company own for benning and are held that one year
A
current Asset
B
Non Current asset
C
8. Includes bills and coins on han,such as pretty cash
A
Cash
B
Bank Deposits
C
Marketable
9. Includes cash kept in depository accounts
A
Bank deposits
B
Other accounts receivable
C
Notes receivable
10. Includes both debt securities and equity securities as
A
Prepaid expenses
B
Marketable securities
C
Other current assets
11. Only includes receivables from the organizations customers
A
Prepaid expenses
B
Cash
C
Trade accounts receivable
12. May include an array of miscellaneous receivables, especially advances to employees and officers.
A
B
Other accounts receivable
C
Other current assets
13. Includes notes from other parties, A common source is accounts receivable thet have been converted into notes
A
Cash
B
Notes receivable
C
Trade accounts receivable
14. Includes any prepaid amounts that have not yet been consumed ,such as prepaid rent, insurance premiums and advertising
A
Bank deposits
B
Prepaid expensenses
C
Trade accounts receivable
15. Includes any minor items not readily classified into one of the preceding acounts
A
Marketable securities
B
Notes receivable
C
Other current assets
16. Are asset that cannot be easily and willigly converted into cash and cash equivalens are acquired by the entity for the purpose of continuing use to generate income. They are also called termed fixed assets, long term assets, or hard assets
A
Current Assets
B
Non current assets
C
Company
17. Examples of Non current (EXCEPTO)
A
Land, Building, and machinery
B
Equipment and patents
C
Trademarks and Cash
18. Act for cost that have taken place beforen,but because of certain circumstances the cost will be declared as expenses later is concidered a current assets
A
Non currect Asset
B
Deferred Assets
C
Current Asset