question 52 Which of the following is not a liquid asset? Select one: a. Money in...
question 52
Which of the following is not a liquid asset?
Select one:
a. Money in a savings account
b. Access to your credit card
c. Money in your chequing account
d. Cash in your pocket
Homework Answers
The correct answer is b. Access to your credit card
Note:
Liquid asset are those assets which can be readily converted to cash. Credit card is a line of credit extended by the financial institution. If credit card is utilized they become a liability to be paid and hence is not an asset.
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question 52
Which of the following is not a liquid asset?
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Disbursement float is created every time you: Select one: a. Transfer funds via the internet from your chequing account to your savings account. b. Mail a cheque to pay your rent. c. Deposit cash into your chequing account d. Receive a paycheque and deposit it in your chequing account.
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question 13,14,15,16
13. Which of the following is not an asset use transaction? A.Paying cash dividends B. Paying cash expenses C. Paying off the principal of a loan D.Paying cash to purchase land 14. Which of the following cash transactions results in no net change in assets? A.Borrowing cash from a bank B. Issuing common stock for cash C. Purchasing land for cash D. Providing services for cash 15. Elektra Company purchases equipment for $1,200 and supplies for $400 from...
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question 13,14,15,16
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