Question Details

The first item listed under current liabilities



1.	All of the following are property, plant, and equipment except
a.	supplies.
b.	machinery.
c.	land.
d.	buildings.

2.	The first item listed under current liabilities is usually
a.	accounts payable.
b.	notes payable.
c.	salaries payable.
d.	taxes payable.


3.	Office Equipment is classified in the statement of financial position as
a.	a current asset.
b.	property, plant, and equipment.
c.	an intangible asset.
d.	a long-term investment.

4.	A current asset is
a.	the last asset purchased by a business.
b.	an asset which is currently being used to produce a product or service.
c.	usually found as a separate classification in the income statement.
d.	an asset that a company expects to convert to cash or use up within one year.

5.	An intangible asset
a.	does not have physical substance, yet often is very valuable.
b.	is worthless because it has no physical substance.
c.	is converted into a tangible asset during the operating cycle.
d.	cannot be classified on the statement of financial position because it lacks physical substance.



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