C213 ACCOUNTING WGU CHAPTER 4 EXAM
QUESTIONS WITH 100% CORRECT
ANSWERS.
Which of the following is generally considered to be a liability? - Correct
Answer -Notes Payable
Which of the following accounts is NOT an asset account? - Correct Answer -
Accounts Payable
Which of the following usually is NOT considered to be an owners' equity
account? - Correct Answer -Inventory
If a corporation has total assets of $350,000, total liabilities of $150,000, and
retained earnings of $100,000, what is the amount of capital stock? - Correct
Answer -$100,000
Capital stock: $350,000 - $150,000 - $100,000 = $100,000
Which of the following would be classified as a current asset? - Correct
Answer -Accounts receivable
Current assets usually are listed on a balance sheet in - Correct Answer -
Decreasing order of liquidity
Which of the following accounts would NOT be considered a current asset? -
Correct Answer -Equipment
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QUESTIONS WITH 100% CORRECT
ANSWERS.
Which of the following is generally considered to be a liability? - Correct
Answer -Notes Payable
Which of the following accounts is NOT an asset account? - Correct Answer -
Accounts Payable
Which of the following usually is NOT considered to be an owners' equity
account? - Correct Answer -Inventory
If a corporation has total assets of $350,000, total liabilities of $150,000, and
retained earnings of $100,000, what is the amount of capital stock? - Correct
Answer -$100,000
Capital stock: $350,000 - $150,000 - $100,000 = $100,000
Which of the following would be classified as a current asset? - Correct
Answer -Accounts receivable
Current assets usually are listed on a balance sheet in - Correct Answer -
Decreasing order of liquidity
Which of the following accounts would NOT be considered a current asset? -
Correct Answer -Equipment
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