Which of the following is most properly classified as a current asset? A. Accounts Payable B. Unearned Revenue C. Inventory D. Equipment Reset Selection Question 8 of 10 Which of the following would be properly classified as an operating activity on the statement of cash flows? A. Payment of dividends B. Sale of land held for speculation C. Issuance of bonds D. Payment to suppliers Reset Selection Question 9 of 10 A current liability is A. Something relevant to future political discourse B. Something of probable future cost within one year C. Something relevant to current political discourse D. Something of probable future benefit within one year O Reset Selection Question 10 of 10 Which of the following does not belong on the income statement? A. Cost of Goods Sold B. Inventory C. Sales Revenue D. Utilities Expense What is the first section of the balance sheet? A. Stockholders' Equity B. Property, Plant, and Equipment C. Current Liabilities D. Current Assets Reset Selection Question 4 of 10 Which one of the following is a correct fundamental accounting equation? A. Assets + Liabilities - Stockholders' Equity B. Assets + Retained Earnings - Stockholders' Equity C. Assets + Stockholders' Equity = Liabilities D. Assets = Liabilities + Stockholders' Equity Reset Selection Question 5 of 10 Which of the following is false A. Liabilities are things of probable future obligations B. Assets need not be equal to liabilities plus owners' equity. C. Assets are things of probable future benefit. D. Liabilities can be paid with cash. Reset Selection Question 6 of 10 In general, IFRS would be considered A. More "rules based" than US Standards B. Less "Clairvoyant" than US Standards C. More "principles based" than US Standards D. Less "International" than US Standards