Question

The following are the typical classifications used in a statement of financial position :

a.       Current assets

b.      Investments and funds

c.       Property, plant, and equipment

d.      Investment property

e.       Intangible assets

f.       Current liabilities

g.       Long-term liabilities

h.      Issued capital

i.        Retained earnings

Required :

For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter

1.      ….  .…….Prepaid insurance

2.      ……….. Note payable due in three months

 

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