Homework Help is Here – Start Your Trial Now!
Business
Accounting
Directions: Choose the term being described from the given choices below. only the letters of your answers on a separate sheet of paper. Write A. accrued income F. cash G. owner's equity B. non- current asset C. notes receivable H. intangible assets I. liability J. chart of accounts D. income E. rent expense 1. It is the debt of the company payable in money, goods, or services. 2. It is the list of all accounts of the company that is being used by the firm to their financial records. 3. These are non-monetary assets but identifiable although without

Directions: Choose the term being described from the given choices below. only the letters of your answers on a separate sheet of paper. Write A. accrued income F. cash G. owner's equity B. non- current asset C. notes receivable H. intangible assets I. liability J. chart of accounts D. income E. rent expense 1. It is the debt of the company payable in money, goods, or services. 2. It is the list of all accounts of the company that is being used by the firm to their financial records. 3. These are non-monetary assets but identifiable although without

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter23: Statement Of Cash Flows
Section: Chapter Questions
Problem 1SEA: SERIES A EXERCISES IDENTIFICATION OF OPERATING, INVESTING, AND FINANCING ACTIVITIES The following...
See similar textbooks
icon
Related questions
Question
Directions: Choose the term being described from the given choices below. Write only the letters of your answers on a separate sheet of paper. A. accrued income F. cash G. owner's equity H. intangible assets I. liability J. chart of accounts B. non- current asset C. notes receivable D. income E. rent expense 1. It is the debt of the company payable in money, goods, or services. 2. It is the list of all accounts of the company that is being used by the firm to their financial records. 3. These are non-monetary assets but identifiable although without physical substance. 4. It is the claim of the owner on the business. 5. It is the most liquid asset which can be given and taken easily. 6. It is an expense for lease like office space, building space, and land. 7. Examples of this are service revenue and sales. 8. It is a written note from the customer to pay his account on a given time and date. 9. Property Plant and Equipment (PPE), land, and buildings are examples of these. 10. This account title is a revenue earned but not yet collected.
Transcribed Image Text:Directions: Choose the term being described from the given choices below. Write only the letters of your answers on a separate sheet of paper. A. accrued income F. cash G. owner's equity H. intangible assets I. liability J. chart of accounts B. non- current asset C. notes receivable D. income E. rent expense 1. It is the debt of the company payable in money, goods, or services. 2. It is the list of all accounts of the company that is being used by the firm to their financial records. 3. These are non-monetary assets but identifiable although without physical substance. 4. It is the claim of the owner on the business. 5. It is the most liquid asset which can be given and taken easily. 6. It is an expense for lease like office space, building space, and land. 7. Examples of this are service revenue and sales. 8. It is a written note from the customer to pay his account on a given time and date. 9. Property Plant and Equipment (PPE), land, and buildings are examples of these. 10. This account title is a revenue earned but not yet collected.
Cash Tangible Assets Notes Payable Сapital Prepaid Expenses Inventories Long term Investments Income Current Liabilities Expense 1. It is a medium of exchange on business transactions. 2. These are the bills paid in advance. 3. These are the assets / resources that are held for resale. 4. These are the investments of the firm made for long term purposes. 5. These are obligations that reach their due dates for payments within one year after the year-end date. 6. Examples of this are cash, supplies and furniture and fixtures. 7. Debts that are supported with written notes or promises. 8. These are worth of cash and other assets invested in the business. 9. It is the increase in resources resulting from the performance of service or selling of goods. 10.lt is the decrease in resources resulting from the operations of the business.
Transcribed Image Text:Cash Tangible Assets Notes Payable Сapital Prepaid Expenses Inventories Long term Investments Income Current Liabilities Expense 1. It is a medium of exchange on business transactions. 2. These are the bills paid in advance. 3. These are the assets / resources that are held for resale. 4. These are the investments of the firm made for long term purposes. 5. These are obligations that reach their due dates for payments within one year after the year-end date. 6. Examples of this are cash, supplies and furniture and fixtures. 7. Debts that are supported with written notes or promises. 8. These are worth of cash and other assets invested in the business. 9. It is the increase in resources resulting from the performance of service or selling of goods. 10.lt is the decrease in resources resulting from the operations of the business.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage
SEE MORE TEXTBOOKS