===:Test I: Identification: Identify the correct and complete answer on the questionprovided.1. Assets meeting the definition of an asset but without physical substance.2. Known living plants or animals held by the business for resale or for breeding.3. Resources owned by the company.4. Owner's residual interest; includes capital contributions, revenues, expenses anddrawings.5. Obligation against the company.6. Account represents bank loans as a source of financing for the entity; can spanfrom 5 to almost 25 years.7. A very vital resource owned and controlled by the business.8. The right-hand side of the account.9. Pertains to any capital infusion made by the owner for the year.10. The quotient of current assets divided by the current liabilities of the company.

Since we answer three subparts, we will answer the first three subparts. Please resubmit the…

====== Test I: Identification: Identify the correct and complete answer on the question provided. 1. Assets meeting the definition of an asset but without physical substance. 2. Known living plants or animals held by the business for resale or for breeding. 3. Resources owned by the company.

====== Test I: Identification: Identify the correct and complete answer on the question provided. 1. Assets meeting the definition of an asset but without physical substance. 2. Known living plants or animals held by the business for resale or for breeding. 3. Resources owned by the company.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 40E

See similar textbooks

Similar questions

Classifying balance sheet accounts For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X. a. Land (used in operations) b. Accumulated Depreciation—Equipment c. Common Stock d. Service Revenue e. Investment in Starbucks Corporation (to be held long-term) f. Accounts Receivable g. Equipment h. Buildings i. Notes Payable (due in 10 years) j. Unearned Revenue k. Cash l. Accounts Payable m. Prepaid Rent n.Dividends o. Land (held for investment purposes) p. Depreciation Expense
which of the following are real assets and which are financial a. a share of stock b. a personal IOU c. a trademark d. a truck e. undeveloped land f. the balance in the firm checking account. g. an experienced and hardworking sales force h. a bank loan agreement
select 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 company
Present an argument to support the idea that your company’s land should not be depreciated, even though the property on the land is depreciated? Using practical example describe how International Accounting Standard 40 would apply to Assets in your company? Depreciation does not involve movement of cash, therefore unnecessary in accounting for an entity’s performance, Discuss?
1. It is the obligations of the company payable in money, goods or service 2. These are non-current tangible assets. 3. These assets are identifiable, non-monetary assets without physical substance. 4. It is the claim of the owner also known as the capital. 5. It is the most liquid asset and is the medium of exchange for business transactions. 6. It is an expense for leased office space, equipment or assets rented from others. 7. Examples of this are cash, account receivable and prepaid expense. 8. It is written promise from the customer to pay his receivables on certain future date.
Which of the following statements is correct? Options: • Going concern principle assume that in preparing the financial statements only properties, liabilities, income and expenses of a particular business are reported therein • The total value of debits in most cases is higher than the total value of credits • All accounting information must be free from error to be reliable • There is no effect in the amount of the accounting equation if an asset is changed into another form of asset
Sometimes, for the fixed assets of certain businesses, the balance in Accumulated Depreciation is equal to the cost of the asset. a. Can one record additional depreciation on the assets if the assets are still useful to the business? b. Why? Explain: c. Also, when can such a business make an entry to remove the cost and accumulated depreciation of the fixed assets from the account?
To purchase an asset such as office equipment on account, you would credit which account? (a) Cash (c) Accounts Payable (b) Accounts Receivable (d) Capital
Which of these transactions would be part of the investing section? A. land purchased, with note payable B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash
Business transactions are economic events that involed all the above information except: Select one: A. Should be recorded only in statement of financial position and income statements B. does not involve an exchange, such as losses from fire, flood, explosion, and theft; physical wear and tear on machinery and equipment, and the day-by-day accumulation of interest C. economic events that should be recorded in the accounting records D. transaction can be an exchange of value (a purchase, sale, payment, collection, or loan) between two or more parties The matching principle requires the matching of revenue earned against the expenses incurred in the same period in order to generate the net income or net profit (or net loss) for the period Select one: A. Accrual basis B. Separate entity C. Prudence D. Double-entry system
What is the owner’s right to the assets (claims to the assets) of the business called? Group of answer choices cash revenue accounts receivable owner’s equity or capital
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill