Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked out of 1.00 Select one: a.going concern Flag question O b. economic entity c. viable concern d. sound investment Question 13 Items that a business can use or exchange to produce products of the business are known as: Not yet answered Marked out of 1.00 Select one: a. assets Flag question b. property, plant, equipment c. inventory d. materials O Which of the following is NOT a type of equity account? Question 14 Not yet answered Marked out of 1.00 P Flag question Select one: a. Capital Surplus b. Stock Options OC. Treasury Stock O d. Goodwill Question 15 Not yet answered If an organization attempts to use the direct write-off method to record and write off an uncollectable receivable account, the entry from an accounting perspective will include which of the following? Marked out of 1.00 Select one: a. decrease to the asset account P Flag question O b. decrease to liabilities account c. Decrease to the asset account AND Increase expense account d. increase expense account Question 16 Sales or purchases are examples of the following type of journal: Not yet answered Marked out of 1.00 P Flag question Select one: a. General Journal b. Special Journal c. Payroll Journal O d. Transaction Journal