C213 Accounting WGU Chapter 4 Question and answers already passed 2024
C213 Accounting WGU Chapter 4 Question and answers already passed 2024 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 In non-U.S. Balance sheets, you will often see each of the following EXCEPT - correct answer The stockholders' equity section will be listed first on the balance sheet
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