Q9.The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
(1)Fixed assets
(2)Current assets
(3)Investments
(4)Intangible assets
Answer
Current assets
Related Questions on Introduction to Accounting
Q10.Purchases refers to the buying of
(1)Stationery for office use
(2) Assets for the factory
(3) Goods of resale
(4) Investment
Answer
Goods of resale
Q11.Promise to pay a certain amount is called
(1) Account Payable
(2) Notes Payable
(3) Amount Payable
(4) Discount Payable
Answer
Notes Payable
Q12.Patents, Copyrights and Trademarks are
(1)Fixed assets
(2)Current assets
(3)Investments
(4)Intangible assets
Answer
Intangible assets