Accounts and allocations Flashcards
1
Q
selling expense
A
income statement; operating expense
2
Q
administrative expense
A
income statement; operating expense
3
Q
dividend revenue + gain on sale
A
income statement; other revenues and gains
4
Q
interest expense
A
income statement; other expenses and losses
5
Q
cost of goods sold
A
net sales for multi-step; total expenses for single step
6
Q
discontinued operations
A
after net income from continuing operations
7
Q
accounting and legal expenses
A
administrative
8
Q
purchases
A
cost of goods sold
9
Q
freight-in
A
cost of goods sold
10
Q
special funds
A
balance sheet; current assets
11
Q
land held for speculation
A
balance sheet; long term investments
12
Q
furniture
A
balance sheet; PPE
13
Q
right of use assets (leases)
A
balance sheet; PPE
14
Q
tools, machinery
A
balance sheet; PPE
15
Q
goodwill
A
intangible assets
