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

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

2. On balance sheet, companies normally list current assets:

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

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

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

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