Free CFE - Law Exam Braindumps (page: 19)

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Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

  1. True
  2. False

Answer(s): B



The seller's price to the buyer is not fixed or determinable when:

  1. When the price is not contingent on some future events
  2. The transaction includes an option to exchange the product for others.
  3. A service or membership fee is not subject predictable cancellation during the contract period.
  4. Payment terms are not extended for a substantial period.

Answer(s): B



The difference between assets and liabilities is called:

  1. Equity
  2. Expense
  3. Revenue
  4. Income statement

Answer(s): C



________________is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.

  1. Equity
  2. Balance sheet
  3. Income statement
  4. Financial record

Answer(s): B






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