Financial statements - account classifications Flashcards
1
Q
accounts receivable
A
CURRENT asset
2
Q
patent
A
NON-current asset
3
Q
equipment
A
NON-current TANGIBLE asset
4
Q
common stock
A
contributed capital
5
Q
note due in 3 years
A
NON-current liability
6
Q
salaries payable
A
CURRENT liability
7
Q
sales
A
retained earnings (revenue)
8
Q
salaries expense
A
retained earnings (expense)
9
Q
bonds
A
NON-current liability
10
Q
dividends
A
retained earnings (expense), cash (expense)
11
Q
accumulated depreciation subtracted from what account?
A
related asset account
- NOT a liability!
12
Q
depreciation
A
plant asset
