The Balance Sheet WGU C213:
Topic 3 questions and answers
Which of the following would be classified as a current asset? - correct answer Accounts receivable
Distributions by a corporation to its stockholders are called - correct answer Dividends
Which of the following decreases owners' equity? - correct answer Operations generate a loss
Owners of a corporation are referred to as - correct answer Stockholders
An enterprise's obligations to pay cash or other economic resources to others are called - correct answer
Liabilities
The total amount invested to acquire an ownership interest in a corporation is called - correct answer
Common Stock and
Preferred Stock
Which of the following is generally considered to be a liability? - correct answer Notes payable
Which of the following is generally considered to be an asset?
Accounts receivable
Unearned revenue - 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?
Topic 3 questions and answers
Which of the following would be classified as a current asset? - correct answer Accounts receivable
Distributions by a corporation to its stockholders are called - correct answer Dividends
Which of the following decreases owners' equity? - correct answer Operations generate a loss
Owners of a corporation are referred to as - correct answer Stockholders
An enterprise's obligations to pay cash or other economic resources to others are called - correct answer
Liabilities
The total amount invested to acquire an ownership interest in a corporation is called - correct answer
Common Stock and
Preferred Stock
Which of the following is generally considered to be a liability? - correct answer Notes payable
Which of the following is generally considered to be an asset?
Accounts receivable
Unearned revenue - 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?
