FABM Chapter 5 Review Elements of financial statements Flashcards
1
Q
Professional Fees Income
A
Income
2
Q
Unearned Professional Fees Income
A
Liability
3
Q
Cash
A
Asset
4
Q
Employees
A
Not an Element
5
Q
Accounts Receivable
A
Asset
6
Q
Allowance for doubtful accounts
A
Asset
7
Q
Goods held on consignment
A
Capital
8
Q
Prepaid Rent
A
Asset
9
Q
Office Supplies
A
Asset
10
Q
Accounts Payable
A
Liability
11
Q
Interest Payable
A
Liability
12
Q
Cash held in trust for another comapny
A
Not an element
13
Q
Balbado Capital
A
Capital
14
Q
Balbado Drawing
A
Capital
15
Q
Notes Receivables
A
Asset
16
Q
Notes Payable
A
Liability
17
Q
Building
A
Asset
18
Q
Accumulated depreciation-building
A
Asset
19
Q
Land
A
Asset
20
Q
Mortgage Payable
A
Liability
21
Q
Investment in bonds
A
Capital
22
Q
Bonds Payable
A
Liability
23
Q
Discount on bonds payable
A
Liability
24
Q
Premium on bonds payable
A
Liability
25
Office Supplies Expense
Expense
26
Accrued Interest Expense
Expense
27
Accrued Interest Income
Expense
28
Investment in trading securities
Capital
29
Loss on sale of machinery
Expense
30
Doubtful accounts
Asset
31
Unearned interest income
Liability
32
Building to be constructed
Not an element
33
Goods ordered from suppliers
Not an element
34
Loss due to theft
Expense
35
Harley David (The Lord of 7/11)
Not an element
