FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The following may be presented as current assets, except *
A. Advances to shareholders, directors, officers or employees
b. Subscriptions receivable
c. Prepaid advertising expense
d. Consigned inventories
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- For each of the following items, identify whether the item is considered current or noncurrent, andexplain why.arrow_forwardselect the item that best completes each of the decriptions below A(n)____ is a record of increases and decreases in a spefic asset, liability, equity, revenues, or expenses items. A(n)____ is a resource owned or controlled by a company A common stock and dividendes are examples of___ accounts A(n)____ is a obilgations to transfer assets to others ___ are people and organziations that are entitlied to recieve payments from a companyarrow_forwardCommon categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Trademarks 3. Cash 4. Patents 5. Interest receivable 6. Machinery 7. Prepaid rent (2 months of Rent) 8. Equipment 9. Repairs expense 10. Land Classification Account Title 11. Depreciation expense Building 12. Office equipment 13. Prepaid Insurance (expires in 5 months) 14. Buildings 15. Bonds payable (due in 10 years) 16. Trucks 17. Mortgages payable (due in 6 years) 18. Automobiles 19. Notes payable (due in 3 years) 20. Utilities expense Classificationarrow_forward
- Financial reporting purposes, long-lived, revenue-producing assets typically are classified in two categories. What are the two categories explain?arrow_forwardAdvances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current liability. С. expense. d. revenue.arrow_forward8. 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 assetarrow_forward
- Accounting type Question: Which of the following is a non operating expense? A. Salary of Managing Director B. Depreciation C. Advertisement expenditure D. Interest on loanarrow_forwardResidual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assetsarrow_forwardAssets are creditors claims on assets. These claims reflect company obligations to provide assets, products or services to others True B Falsearrow_forward
- The form I need help with is attachedarrow_forwardWhen an entity has the benefit of particular service but it has not received the bill (invoice) to pay for it, this creates: a. prepayment b. accrued expense. c. accounts receivable d. revenuearrow_forwardWhich of the following is a connector account? Retained Earnings O Prepaid Rent O Common Stock O Bond Payable O Accumulated Depreciationarrow_forward
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