Answered: Which two of the following would…

Which two of the following would generally be regarded as non-current (or fixed) assets? a. A combine harvester b. Inventory c. Petty cash d. A plot of land e. Pens and paper

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 2QY: Which of the following is not an example of a current asset? a. Cash b. Merchandising Inventory c....

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Which two of the following would generally be regarded as non-current (or fixed) assets?

a. A combine harvester

b. Inventory

c. Petty cash

d. A plot of land

e. Pens and paper

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Accounting for Cash and cash equivalents

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