Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 11, Problem 1EA
To determine
Show whether the given actions are related to a) managing liquidity and
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(a)Explain, using practical example the effect of accruals figures on the
preparation of a financial statement.
(b)Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of accounts receivable ledger balances.
(c)Explain, using practical example how Capital expenditure should be
capitalized
Estimated liabilities are disclosed in financial statements by
Note to the financial statements.
An appropriation of retained earnings.
Showing the amount among the liabilities but not extending to the liability total.
Appropriately classifying them as regular liabilities in the statement of financial position.
Which of the following would you find in the financial statements?
a) Information about principal, interest, and maturity of long term debt.
b) Discussion of the company's results of operations.
c) Financial position on a particular date. d) A qualified opinion.
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- Define receivables & explain its the classification in the statement of financial positionarrow_forward“Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized.” a. Identify and explain the four possible measurement bases?arrow_forwardDebt issuance costs are: Accounted for as a deduction from the equity balance on the balance sheet Recognized initially as a current liability on the balance sheet Amortized over the term of the related debt liability Expensed on the income statement when the transaction occurs Which one is the correct answer please?arrow_forward
- Accounting The key accounting considerations relating to accounts payable are: Determining their existence and ensuring that they are recorded in the appropriate accounting period. Determining their present value and ensuring that they are recorded in the appropriate accounting period. Determining their existence and determining the correct amount. Determining the present value of the principal and the amount of the interest.arrow_forwardA deposit received is reported as a * A.liability B.current asset C.investment D.revenuearrow_forwardThe balance sheet account that is usually reported at its fair market value is: a. Short-term marketable securities b. Accounts receivable c. Current liabilities d. Inventoryarrow_forward
- Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive incomearrow_forwardDistinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as: C . a liquidity-based balance sheetarrow_forwardWhich of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes Payablearrow_forward
- Indicate how the accounts normally should be categorized on a classified balance sheet. Also indicate whether the account normally has a debit or credit balance. (1) Notes and Loans Payable (short-term) (2) Intangible Assets (3) Long-Term Debt (4) Property, Plant, and Equipment (5) Retained Earnings (6) Investments (long-term) (7) Additional Paid-in Capital Balance Sheet Classification Debit or Credit Balancearrow_forwardWhat are the essential characteristics of liabilities for purposes of financial reporting?arrow_forwardAccording to generally accepted accounting principles, what is the balance sheet valuation of each of the following assets? a. Trade accounts receivable. b. Land. c. Inventories. d. Trading securities. e. Prepaid expenses.arrow_forward
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ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License