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The two major classes of operating expenses are current expenses and long-term expenses.

A) True
B) False

Correct Answer

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Which of the following would be found on an income statement?


A) cost of goods sold
B) owners' equity
C) cash flows from investments
D) current assets

E) B) and C)
F) A) and D)

Correct Answer

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The most liquid asset is:


A) owners' equity.
B) cash.
C) accounts payable.
D) sales.

E) B) and C)
F) B) and D)

Correct Answer

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The Canadian government is a user of accounting information.

A) True
B) False

Correct Answer

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The accounting system happens once a year.

A) True
B) False

Correct Answer

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