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Accounting > Balance Sheet Classifications / Statement of Cash Flows Categories > Flashcards

Balance Sheet Classifications / Statement of Cash Flows Categories Flashcards

1
Q

How would PREFERRED STOCK be classified in a Balance Sheet?

A

Capital Stock

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2
Q

How would GOODWILL be classified in a Balance Sheet?

A

Long-term Investments

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3
Q

How would SALARIES AND WAGES PAYABLE be classified in a Balance Sheet?

A

Current Liabilities

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4
Q

How would ACCOUNTS PAYABLE be classified in a Balance Sheet?

A

Current Liabilities

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5
Q

How would BUILDINGS be classified in a Balance Sheet?

A

Property, Plant, and Equipment

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6
Q

How would EQUITY INVESTMENTS (TO BE SOLD WITHIN ONE YEAR) be classified in a Balance Sheet?

A

Long-term investments

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7
Q

How would CURRENT MATURITY OF LONG-TERM DEBT be classified in a Balance Sheet?

A

Current Liabilities

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8
Q

How would be PREMIUM ON BONDS PAYABLE be classified in a Balance Sheet?

A

Non-current Liabilities

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9
Q

How would ALLOWANCE FOR DOUBTFUL ACCOUNTS be classified in a Balance Sheet?

A

Current Assets

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10
Q

How would ACCOUNTS RECEIVABLE be classified in a Balance Sheet?

A

Current Assets

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11
Q

How would NOTES PAYABLE (DUE NEXT YEAR) be classified in a Balance Sheet?

A

Current Liabilities

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12
Q

How would SUPPLIES be classified in a Balance Sheet?

A

Current Assets

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13
Q

How would COMMON STOCK be classified in a Balance Sheet?

A

Capital Stock

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14
Q

How would LAND be classified in a Balance Sheet?

A

Property, Plant, and Equipment

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15
Q

How would INVENTORY be classified in a Balance Sheet?

A

Current Assets

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16
Q

How would PREPAID INSURANCE be classified in a Balance Sheet?

A

Current Assets

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17
Q

How would BONDS PAYABLE be classified in a Balance Sheet?

A

Non-current Liabilities

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18
Q

How would INCOME TAXES PAYABLE be classified in a Balance Sheet?

A

Current Liabilities

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19
Q

Would PREPAID INSURANCE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Current Assets.

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20
Q

Would STOCK OWNED IN ANOTHER COMPANY appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Long-term Investments.

21
Q

Would UNEARNED SERVICE REVENUE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Current Liabilities.

22
Q

Would ADVANCES TO SUPPLIERS appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Other Assets.

23
Q

Would UNEARNED RENT REVENUE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Current Liabilities.

24
Q

Would PREFERRED STOCK appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Capital Stock.

25
Q

Would ADDITIONAL PAID-IN CAPITAL ON PREFERRED STOCK appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Paid-in Capital in Excess of Par.

26
Q

Would COPYRIGHTS appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Intangible Assets.

27
Q

Would PETTY CASH FUND appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Current Assets.

28
Q

Would SALES TAXES PAYABLE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Current Liabilities.

29
Q

Would ACCRUED INTEREST ON NOTES RECEIVABLE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Current Assets.

30
Q

Would TWENTY-YEAR ISSUE OF BONDS PAYABLE THAT WILL MATURE WITHIN THE NEXT YEAR appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Current Liabilities.

31
Q

Would MACHINERY RETIRED FROM USE AND HELD FOR SALE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Other Assets.

32
Q

Would FULLY DEPRECIATED MACHINE STILL IN USE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Property, Plant, and Equipment.

33
Q

Would ACCRUED INTEREST ON BONDS PAYABLE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Non-current Liabilities

34
Q

Would SALARIES THAT COMPANY BUDGET SHOWS WILL BE PAID TO EMPLOYEES WITHIN THE NEXT YEAR appear as a note to the financial statements OR be reported on the balance sheet?

A

It would NOT be reported on the balance sheet, as it is a budgetary entry.

35
Q

Would DISCOUNT ON BONDS PAYABLE appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Non-current Liabilities.

36
Q

Would ACCUMULATED DEPRECIATION–BUILDINGS appear as a note to the financial statements OR be reported on the balance sheet?

A

Neither, it would just be reported directly on the balance sheet under Other Assets (as a contra account to Property, Plant, and Equipment).

37
Q

How would ISSUANCE OF COMMON STOCK be classified in the statement of cash flows?

A

Financing Activity

38
Q

How would PURCHASE OF LAND AND BUILDING be classified in the statement of cash flows?

A

Investing Activity

39
Q

How would REDEMPTION OF BONDS be classified in the statement of cash flows?

A

Financing Activity

40
Q

How would SALE OF EQUIPMENT be classified in the statement of cash flows?

A

Investing Activity

41
Q

How would DEPRECIATION OF MACHINERY be classified in the statement of cash flows?

A

Reported as Significant Non-cash Activity

42
Q

How would AMORTIZATION OF PATENT be classified in the statement of cash flows?

A

Reported as Significant Non-cash Activity

43
Q

How would ISSUANCE OF BONDS FOR PLANT ASSETS be classified in the statement of cash flows?

A

Financing Activity

44
Q

How would PAYMENT OF CASH DIVIDENDS be classified in the statement of cash flows?

A

Financing Activity

45
Q

How would EXCHANGE OF FURNITURE FOR OFFICE EQUIPMENT be classified in the statement of cash flows?

A

Reported as Significant Non-cash Activity

46
Q

How would PURCHASE OF TREASURY STOCK be classified in the statement of cash flows?

A

Financing Activity

47
Q

How would LOSS ON SALE OF EQUIPMENT be classified in the statement of cash flows?

A

Operating Activity–Deduct from Net Income

48
Q

How would INCREASE IN ACCOUNTS RECEIVABLE DURING THE YEAR be classified in the statement of cash flows?

A

Operating Activity–Deduct from Net Income

49
Q

How would DECREASE IN ACCOUNTS PAYABLE DURING THE YEAR be classified in the statement of cash flows?

A

Operating Activity–Add to Net Income

Accounting (2 decks)

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