Question 7

Which of the following shows the correct order of current assets in the Balance Sheet?

Cash, Accounts Receivable, Inventory, Prepaid and Other

Cash, Inventory, Accounts Receivable, Prepaid and Other

Cash, Inventory, Accounts Receivable, Other and Prepaid

Cash, Accounts Receivable, Prepaid, Inventory and Other

Question 8

Within the following options, the main goal of preparing 10K report is to provide useful information for

SEC decision-making.

decision-making by creditors and investors.

FASB decision-making.

management's decision-making.

Question 9

Debiting an account only means

write down an amount on the left side of the account.

write down an amount on the right side of the account.

decrease the bill by an amount.

increase the bill by an amount.

Question 10

Which of the following accounts has a normal debit balance?

Cumulative depreciation

Taxes payable

Sales Revenue

Cost of goods sold