FNSACC321-322-421 Quiz 13 part 2 of 2

Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account.  If the item is not a contra account, select "N/A" as your answer..   Balance Sheet Classification a. Current assets. g. Long-term liabilities. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. i. Retained earnings. d. Intangible assets. j. Accumulated other comprehensive income. e. Other assets. k. Noncontrolling interests. f. Current liabilities.     Balance Sheet Item Classification Contra account 1. Accumulated depreciation. Answer Answer 2. Bonds payable (due in 10 years). Answer Answer 3. Accounts payable (trade). Answer Answer 4. Investment in stock of another company (long-term holding). Answer Answer 5. Land (in use). Answer Answer 6.…

TOPIC: Rules of Debit and Credit Instruction: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense 2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense 8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense 10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…

Accounts with normal credit balances include   Question 13 options:   Assets and liabilities   Revenues and expenses   Liabilities and revenues   Revenues and assets

Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $35,250. Prior to the investment, land was revalued to a market value of $146,000 from a book value of $88,000. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $27,800 prior to these transactions. Required: a. On December 31, provide the journal entry for the revaluation of land.* b. On December 31, provide the journal entry to admit Thomas.*

The income statement is drawn up from the figures in the _________________ Select one: a. Accounts Receivable ledger b. Accounts payable ledger c. Trial Balance d. Cash Flow Statement

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Top-Value Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Top-Value Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Received interest revenue of RO. 525. In the Interest revenue ledger Select one: O a. Interest revenue OR 525 - On the debit b. Interest revenue OR 725 - On the credit O c. Interest revenue OR 525 - On the credit O d. Interest revenue OR 725 - On the debit

Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit

Notes receivable due in 390 days appear on the a.balance sheet in the current liabilities section b.income statement as an expense c.balance sheet in the noncurrent assets section d.balance sheet in the current assets section

need answer for this account questions

How is the account Accounts Payable classified and what kind of balance should it have? Group of answer choices current liability, debit current liability, credit revenue, debit revenue, credit

100) Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances c.Income statement balances D.Cash flow statement balances

When recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account ID

Recognise the correct category in the Classified Balance Sheet for the given accounts: Patents Answer 1Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Account Receivable Answer 2Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Note Payable Answer 3Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Salaries & Wages Payable Answer 4 Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity

The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance

QUESTION 10 Which of the following in accounts would be classified as current assets on the balance sheet? a. Accounts receivable, inventory, cash equivalents b. Pre-paid expenses, goodwill, long term investments C. Property, plant and equipment, inventory and goodwill d. Marketable securities, accounts payable, property plant and equipment

Subject: accounting

Liabilities which are estimated and payable are; Select one: O a. Not reported on the balance sheet O b. Disclosed in the notes to the balance sheet O c. Estimated and reported on the balance sheet O d. Estimated and reported on the income statement

6.The assignor's equity in assigned accounts that is required to be disclosed in the notes to the financial statements is equal to the   a. Accounts receivable assigned balance b. Bank loan balance c. Excess of the accounts receivable assigned balance over the bank loan balance d. Excess of the bank loan balance over the accounts receivable assigned balance.

Inventories, cash and equivalents, and accounts receivables are listed as Select one: a.  Payments on Income Statement b.  Liabilities on the Balance Sheet c. Assets on the Balance Sheet d. Earnings on Income Statement

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Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts

Bills for collection are shown  O a. On Assets side of the balance sheet  O b. On liabilities side of the balance sheet  Oc. On the income side of the income statement  Od. As note below the balance sheet

QUESTION ONE   Identify and fully explain any FOUR qualitative characteristics of useful financial information.                                                                                                                          Outline the recognition criteria for the following elements of financial statements:   Assets   Liabilities   Income   Expenses

Question 9 Which one of the following accounts appears on the credit side of a pre-adjustment trial balance? Select one: a. Fixed deposit b. Interest on loan c. Bank overdraft d. Debtors control