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Free CHFP Exam Braindumps (page: 9)

Page 8 of 78
PDF with 310 Questions

The resources that the organization owns, typically recorded at their original costs are called assets.

  1. True
  2. False

Answer(s): A



The financial obligations of the organization are known as:

  1. comparative net assets
  2. liabilities
  3. expenses
  4. none of the above

Answer(s): B



Net assets are:

  1. The difference between an organization's assets and liabilities
  2. The difference between an owner's assets and liabilities
  3. The difference between a shareholder's assets and expenses
  4. The difference between a stakeholder's assets and expenses

Answer(s): A



In investor-owned organizations, the accounting equation is:

  1. Assets are equal to the sum of liabilities and owner's equity
  2. Assets are equal to the sum of liabilities and shareholder's equity
  3. Assets are equal to the sum of liabilities and proprietor's equity
  4. Assets are equal to the sum of liabilities and net assets

Answer(s): B






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