Accounts Classification

Question 1

Dividend distributed

Answer 1

Retained Earnings

Question 2

School Fees Received

Answer 2

Revenues

Question 3

Income Tax Payable

Answer 3

Current Liabilities

Question 4

Allowance for Doubtful Accounts

Answer 4

Current Assets

Question 5

Refundable Deposits

Answer 5

Non-Current Asset

Question 6

Financial Assumptions

Answer 6

Notes to Financial Statements

Question 7

Depreciation (Admin)

Answer 7

Operating Expense

Question 8

Direct Labor

Answer 8

Cost of Goods

Question 9

Advances to Officers/Employees

Answer 9

Current Asset

Question 10

Creditable Income Taxes (2 years)

Answer 10

Current Assets

Question 11

Long-term Liabilities — Current Portion

Answer 11

Current Liabilities

Question 12

Available-for-sale Securities (Inventory)

Answer 12

Current Assets

Question 13

Capital Surplus

Answer 13

Equity

Question 14

Held-to-Maturity Financial Assets (Cash on Bank)

Answer 14

Current Assets

Question 15

15-month loan availed from a local bank

Answer 15

Non-current Liabilities

Question 16

Financial Risk Management Objectives

Answer 16

Notes to Financial Statements

Question 17

Land—Appraisal Increase

Answer 17

Non-current Assets

Question 18

Recovery on allowance of impairment losses

Answer 18

Other Income

Question 19

Bad Debts Expense

Answer 19

Operating Expense

Question 20

Preferred Stock, Common Stock

Answer 20

Equity