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Record Keeping & SAE
Record Keeping & SAE
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Questions
14
Answers
1
An example of a current asset would be
Propane Gas Bill
New Welding equipment
Cash on Hand
Breeding Animals
2
An example of a current liability
Cash on Hand
Propane Gas Bill
New Shop Tools that have been paid for
Equipment on Loan
3
Payment on a mortgage that is due after this year is considered a
Current Asset
Non-Current Asset
Non-Current Liability
Current Liability
4
What did Mr. Jennings purchase Mrs. Jennings for their Christmas Wedding Anniversary?
a new house
a new puppy
new pots and pans
a new car
5
Items owned by a person or company would be listed where?
As a liabiltity
no where
On Inventory
As networth
6
Computerizing the production records for a business would be considered what type of SAE?
Improvement
Analytical
Entrepreneurship
Experimental
7
What type of SAE is painting your bedroom at home?
Scientific
Supplemental
Placement
Improvement
8
What type of SAE would include operating and assuming financial risks of a welding business?
Placement
Improvement
Supplementary
Entrepreneurship
9
How is Networth determined?
Total Assets - Total Liabilities
Current Assests - Current Liabilities
Non-Current minus Current
Current Liabilities - Non Current Liabilities
10
How is Total Liabilities Determined?
Networth plus Total Liabilities
Networth minus Inventory
Current Liabilities plus Non Current Liabiltities
Total Assets minus Total Liabilities
11
How is Total Assets determined?
Current Assets - Non-Current Assets
Liabilities - Assets
Current Assets plus Non-Current Assets
Networth-Inventory
12
What is another word for Networth?
Inventory
Assets
Equity
Liabiltities
13
Which type of SAE uses the scientific process to discover new knowledge?
Experiemental
Placement
Exploratory
Entrepreneurship
14
Items owned by a person or company that will be converted to cash within 12 months are
Current Assets
Current Liabilities
Non-Current Assests
Inventory
