Lesson 7.1 Account Title: Asset

Question 1

Account Title under Asset

• Checking account balance (as shown in company records) currency, coins, checks received from customers but not yet deposited.

Answer 1

Cash

Question 2

Account Title under Asset

• Amounts owed to the company for services performed or products sold but not yet paid for.

Answer 2

Accounts Receivable

Question 3

Account Title under Asset

• Cost of merchandise purchased but not yet been sold.

Answer 3

Merchandise Inventory

Question 4

Account Title under Asset

• This refers to the raw materials, labor and overhead costs incurred for products that are at various stages of the production process. It is a component of inventory asset account on the balance sheet. These costs are subsequently transferred to the finished good account and eventually to cost of sales.

Answer 4

Work In Process Inventory

Question 5

Account Title under Asset

• The products in the manufacturer’s inventory that are completed and are awaiting to be sold.

Answer 5

Finished Goods Inventory

Question 6

Account Title under Asset

• Cost of supplies that have not yet been used. Supplies that have been used are recorded in Supplies Expense

Answer 6

Supplies

Question 7

Account Title under Asset

• Cost of insurance that is paid in advance and includes a future accounting period.

Answer 7

Prepaid Insurance

Question 8

Account Title under Asset

• Cost to acquire and prepare equipment for use by the company.

Answer 8

Equipment

Question 9

Account Title under Asset

• Amount of equipment’s cost that has been allocated to Depreciation Expense since the time the equipment was acquired.

Answer 9

Accumulated Depreciation – Equipment

Question 10

Account Title under Asset

• Cost to purchase or construct buildings for use by the company.

Answer 10

Accumulated Depreciation – Buildings

Question 11

Account Title under Asset

• Cost to acquire and prepare land for use by the company.

Answer 11

Land