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ACC 201 > Chapter 2 Hw > Flashcards

Chapter 2 Hw Flashcards

1
Q

Match each of the following accounts to its proper balance sheet classification.
Accounts payable

A

Current Liabilities

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2
Q

Match each of the following accounts to its proper balance sheet classification.
Accounts receivable

A

Current Assets

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3
Q

Match each of the following accounts to its proper balance sheet classification.
Accumulated depreciation

A

Property, Plant, and Equipment

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4
Q

Match each of the following accounts to its proper balance sheet classification.
Buildings

A

Property, Plant, and Equipment

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5
Q

Match each of the following accounts to its proper balance sheet classification.
Cash

A

Current Assets

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6
Q

Match each of the following accounts to its proper balance sheet classification.
Goodwill

A

Intangible Assets

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7
Q

Match each of the following accounts to its proper balance sheet classification.
Income taxes payable

A

Current Liabilities

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8
Q

Match each of the following accounts to its proper balance sheet classification.
Investment in long-term bonds

A

Long-term investment

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9
Q

Match each of the following accounts to its proper balance sheet classification.
Land

A

Property, Plant, and Equipment

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10
Q

Match each of the following accounts to its proper balance sheet classification.
Inventory

A

Current Assets

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11
Q

Match each of the following accounts to its proper balance sheet classification.
Patent

A

Intangible Assets

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12
Q

Match each of the following accounts to its proper balance sheet classification.
Supplies

A

Current Assets

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13
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Trademarks

A

Intangible Assets

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14
Q 
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
      Notes payable (current)
A

Current Liabilities

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15
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Interest revenue

A

Not applicable

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16
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Income taxes payable

A

Current Liabilities

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17
Q 
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
         Debt investments (long-term)
A

Long-term investments

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18
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Unearned sales revenue

A

Current Liabilities

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19
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Inventory

A

Current assets

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20
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Accumulated depreciation

A

Property, Plant, and Equipment

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21
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Land

A

Property, Plant, and Equipment

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22
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Common stock

A

Stockholders’ Equity

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23
Q

Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
Advertising expense

A

Not applicable

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24
Q 
Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use “Not Applicable.”
       Mortgage payable (due in 3 years)
A

Long-term Liabilities

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25
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Prepaid advertising

A

current assets

26
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Equipment

A

Property, plant, and equipment

27
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Trademarks

A

Intangible Assets

28
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Salaries and wages payable

A

current liabilities

29
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Income taxes payable

A

current liabilities

30
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Retained earnings

A

Stockholders’ Equity

31
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Accounts receivable

A

current assets

32
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Land (held for future use)

A

Long-term investments

33
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Patents

A

Intangible Assets

34
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Bonds payable

A

Long-term Liabilities

35
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Common stock

A

Stockholders’ Equity

36
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Accumulated depreciation—equipment

A

Property, Plant, and equipment

37
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Unearned sales revenue

A

Current Liabilities

38
Q

Classify each of the following financial statement items based upon the major balance sheet classifications.
Inventory

A

Current Assets

39
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Accounts payable

A

Current Liabilities

40
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Accounts receivable

A

Current assets

41
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Accumulated depreciation—equipment

A

Property, plant, and equipment

42
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Buildings

A

Property, plant, and equipment

43
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Cash

A

Current assets

44
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Interest payable

A

Current Liabilities

45
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Goodwill

A

intangible assets

46
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Income taxes payable

A

Current Liabilities

47
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Inventory

A

current assets

48
Q 
Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
       Stock investments (to be sold in 7 months)
A

current assets

49
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Land (in use)

A

Property, plant, and equipment

50
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Mortgage payable

A

Long-term Liabilities

51
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Supplies

A

current assets

52
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Equipment

A

Property, plant, and equipment

53
Q

Classify each of the following financial statement items taken from Ming Corporation’s balance sheet.
Prepaid rent

A

current assets

54
Q

List current assets in order of liquidity

A 
cash
debt investments
accounts receivable
inventory
supplies
prepaid insurance.
55
Q

Intangible assets are

A

listed after property, plant, and equipment.

56
Q

What is the order in which assets are generally listed on a classified balance sheet?

A

Current; long-term investments; property, plant and equipment, intangibles

57
Q

On a classified balance sheet, short-term investments are classified as

A

a current asset.

58
Q

Trademarks would appear in which balance sheet section?

A

Intangible assets

59
Q

Liabilities are generally classified on a balance sheet as

A

current liabilities and long-term liabilities.

60
Q

Which of the following is not classified properly as a current asset?

Debt investments.

A fund to be used to purchase a building within the next year.

A receivable from the sale of an asset to be collected in two years.

Supplies.

A

A receivable from the sale of an asset to be collected in two years.

61
Q

Which of the following is not considered an asset?
Equipment

Dividends

Inventory

Accounts receivable

A

Dividends

62
Q

It is not true that current assets are resources that are expected to be

A

acquired within one year.

ACC 201 (10 decks)

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