Run the accounting gates

Exercise and reference answers

Questions

1. Correct

   Current

   Choices

   1. Current
   2. Noncurrent
   3. Neither

2. Correct

   Noncurrent

   Choices

   1. Current
   2. Noncurrent
   3. Neither

3. Correct

   Corporation

   Choices

   1. Sole trader
   2. Corporation
   3. Neither

4. Correct

   Sole trader

   Choices

   1. Sole trader
   2. Corporation
   3. Neither

5. Correct

   Net income

   Choices

   1. Net income
   2. Net loss
   3. Neither

6. Correct

   Net loss

   Choices

   1. Net income
   2. Net loss
   3. Neither

Instructions

Pick current or noncurrent, then the structure, then the result.

Explanation