Choose the correct classification for the following accounts: A forfeited shares account; A forfeited shares reserve: 1. Liability Asset2. Income Equity3. Expense Liability5. Asset Income5. Liability Equity a. 1 b. 2
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Choose the correct classification for the following accounts:
A forfeited shares account; A forfeited shares reserve:
1. Liability Asset2. Income Equity3. Expense Liability5. Asset Income5. Liability Equity
a.
1
b.
2
c.
3
d.
4
e.
5
Step by step
Solved in 2 steps
- ASSETS LIABILITIES AND CAPITALa. Current assets b. Investments c. Plant and equipment d. Intangiblese. Other assets f. Current liabilities g. Long-term liabilitiesh. Preferred stock i. Common stock j. Additional paid-in capitalk. Retained earningsl. Items excluded from balance sheetUsing the letters above, classify the following accounts according to the preferred and ordinary balance sheet presentation. _____ 1. Bond sinking fund_____ 2. Common stock distributable_____ 3. Appropriation for plant expansion_____ 4. Bank overdraft_____ 5. Bonds payable (due 2010)_____ 6. Premium on common stock_____ 7. Securities owned by another company which are collateral for that company's note_____ 8. Trading securities_____ 9. Inventory_____ 10. Unamortized discount on bonds payable_____ 11. Patents_____ 12. Unearned revenue5. How is the treasury share account presented in the Statement of Financial Position? a. deducted from accumulated profits b. deducted from shareholders’ equity c. part of reserves d. current assetThe numerator in the calculation of the ratio of liabilities to stockholders' equity is O a. Total Assets. O b. Total Liabilities minus Total Stockholders' Equity. O c. Total Liabilities. O d. Total Stockholders' Equity.
- 6. Unrealized gains and losses on investments in trading securities are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra assetFor each item below, indicate to which category of elements of financial statements it belongs. (Asset, liabilities, equity, none of them) a. Retained earnings. c. Share Premium. e. Depreciation. g. Interest payable. i. Gain on sale of investment. b. Sales. d. Inventory. f. Loss on sale of equipment. h. Dividends. j. Issuance of ordinary shares.The term capital structure refers to_______ O a. Long-term debt, preferred stock, and common stock equity O b. Current assets and current liabilities O c. Shareholders' equity O d. Total assets minus liabilities
- Capital structure refers to Select one: a. Total assets minus Liabilities b. Shareholders' equity c. Long-term debt, preferred stock, and common stock equity d. Current assets and Current liabilities8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra assetIn column A, identify the account to which element it belongs whether Current Asset (CA), Noncurrent Assets (NCA), Current Liabilities (CL), Noncurrent liabilities (NCL) or Shareholders’ equity (SHE). In column B, indicate the line item to which the account belongs. Column A Column B1. Share Capital2. Accounts Payable 3. Plant Expansion Fund4. Trading Securities 5. Employees income tax payable6. Goodwill 7. Raw Materials8. Share Premium 9. Advances from customers 10. Serial bonds not collectible currently 11. Investment in Bonds 12. Notes Payable 13. Prepaid Insurance 14. Income Tax Payable 15. Land
- 8. Discount on Note Payable should be classified as a a. current asset b. contra account to Notes Payable c. part of stockholder's equity d. deferred debtStockholders’ equity consists of which of the following?A. bonds payableB. retained earnings and accounts receivableC. retained earnings and paid-in capitalD. discounts and premiums on bond payableWhich one or more of the following would you report as a liability on a statement of financial position: a) Redeemable Preference Shares b) Retained earnings c) Dividend declared d) Loan Notes Select one: A. All four B. b, c & d C. a, c & d D. a, b and c
