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1. Debts and obligations of a business are referred to as:

a. Assets
b. Equities
c. Expenses
d. Liabilities

2. On classified balance sheet, companies generally list current assets:

a. With largest dollar amounts first.
b. In alphabetical order.
c. In the order of acquisition.
d. In the order of liquidity, that is the order in which they are expected to be converted into cash.

3. Furniture factory's employees work overtime to finish order that is sold on January 31. Office sends statement to customer in early February and payment is received by mid-February. Overtime wages must be expensed in:

a. January.
b. February.
c. The period when the workers receive their checks.
d. Either January or February depending on when the pay period ends.

Accounting Basics, Accounting

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