FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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13. What is a classified financial statement? 14. Explain the following terms: (a) Current asset (b) Fixed asset (c) Liquidity order (d) Current liability (e) Long-term liability 15. Explain the cost principle as it is applied to fixed assets on the balance sheet. 16. What effect does a withdrawal of assets from the business by the owner have on the owner's equity? 17. (a) What effect does a net loss have on the owner's equity? (b) What effect does a net income have on the owner's equity? (c) What is a statement of owner's equity? 18. Define prepaid expenses with examples and indicate what type of account they are.
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Transcribed Image Text:13. What is a classified financial statement? 14. Explain the following terms: (a) Current asset (b) Fixed asset (c) Liquidity order (d) Current liability (e) Long-term liability 15. Explain the cost principle as it is applied to fixed assets on the balance sheet. 16. What effect does a withdrawal of assets from the business by the owner have on the owner's equity? 17. (a) What effect does a net loss have on the owner's equity? (b) What effect does a net income have on the owner's equity? (c) What is a statement of owner's equity? 18. Define prepaid expenses with examples and indicate what type of account they are.
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