Q17. What type of account is Allowance for Doubtful Accounts? a. Contra asset b. Asset c. Revenue d. Expense

Q22. Merchandise Inventory is presented on the balance sheet in the current assets section. a. true b. false

Q61. What options does a business have when financing operations? a. Debt financing b. Equity financing c. Asset financing d. Both debt financing and equity financing

Q64. Which one of the following is usually NOT necessary in order for a corporation to pay a cash dividend? a. Sufficient cash b. Formal action of the board of directors c. Declared dividends d. Sufficient retained earnings

Q66. Which of the following accounts is reported in the noncurrent liabilities section of the corporate balance sheet? a. Bonds Payable b. Common Stock c. Dividends Payable d. Cash