Which of the Following Is an Example of a Firm's

question 45

Multiple Choice

Which of the following is an example of a firm's resources?

• A) Routine activities like order taking and invoicing customers, performed in a firm
• B) Assistance available from the government in the form of rules and regulations
• C) Assets such as land and building owned by a firm
• D) Liabilities such as bills payables and short-term debts

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Definitions:

Electronic Components

Basic discrete devices or physical entities in an electronic system used to affect electrons or their associated fields.

Percent of Sales Method

A forecasting approach where future amounts are estimated as a fixed percentage of sales.

Bad Debts Expense

An expense account that represents accounts receivable that a company does not expect to collect.

Unadjusted Trial Balance

A listing of all the accounts and their balances from the ledger, before any adjustments, used to check the arithmetic accuracy of bookkeeping.