QUIZ 1 MEMO

Question 1

BALANCE SHEET SUBCATEGORIES
ASSETS:
1.
2.
3.
4.
5.

LIABILITIES
6.
7.

STOCKHOLDER’S EQUITY

Answer 1

1. CURRENT & SHORT-TERM
2. LONG-TERM
3. PROPERTY/PLANT/EQUIPMENT
4. INTANGIBLE
5. OTHER
6. CURRENT
7. BONDS & LONG-TERM

Question 2

CURRENT ASSETS
1.
2.
2.5.
3.
4.
5.
6.
7

8.

Answer 2

1. CASH
2. ACCOUNTS RECEIVABLE
   2.5. LESS ALLOWANCE FOR DOUBTFUL ACCOUNTS
3. INVENTORY
4. PREPAID EXPENSES
5. SHORT-TERM INVESTMENTS
6. SHORT-TERM NOTES RECEIVABLE
7. SUPPLIES
8. TOTAL CURRENT ASSETS

Question 3

LONG-TERM ASSETS
1.
2.

3.

Answer 3

1. LONG-TERM INVESTMENTS
2. LONG-TERM NOTES RECEIVABLE
3. TOTAL LONG-TERM ASSETS

Question 4

PROPERTY/PLANT/EQUIPMENT (P/P/E)
1.
2.
3.
4.

5.

Answer 4

1. LAND
2. BUILDING
3. EQUIPMENT
4. LESS ACCUMULATED DEPRECIATION
5. NET P/P/E

Question 5

INTANGIBLE ASSETS
1.
2.
3.
4.

5.

Answer 5

1. GOODWILL
2. PATENTS, NET
3. TRADEMARKS, NET
4. COPYRIGHTS, NET
5. TOTAL INTANGIBLE ASSETS

Question 6

CURRENT LIABILITIES
1.
2.
3.
4.
5.
6.
7.

8.

Answer 6

1. ACCOUNTS PAYABLE
2. ACCRUED EXPENSES
3. UNEARNED REVENUES
4. ___ PAYABLE
5. INCOME TAXES PAYABLE
6. SHORT-TERM NOTES PAYABLE
7. CURRENT PORTION OF LONG-TERM DEBT
8. TOTAL CURRENT LIABILITIES

Question 7

BONDS & LONG-TERM
1.
2.
3.

Answer 7

1. BONDS PAYABLE
2. LONG-TERM DEBT
3. LONG-TERM NOTES PAYABLE

Question 8

STOCKHOLDER’S EQUITY
1.
2.
3.
4.

5.

Answer 8

1. COMMON STOCK
2. ADDITIONAL PAID IN CAPITAL
3. RETAINED EARNINGS
4. LESS TREASURY STOCK
5. TOTAL STOCKHOLDER’S EQUITY

Question 9

DEBIT: ___
CREDIT: ___

Answer 9

1. MONEY GAINED
2. MONEY LOST

Question 10

INCOME STATEMENT EXPENSES
1.
2.
3.
4.
5.
6.

Answer 10

1. SALES AND COST OF GOODS
2. OPERATING EXPENSES
3. OTHER EXPENSES AND REVENUES
4. TAX EXPENSE
5. NONOPERATING EXPENSES/REVENUE
6. DISCONTINUED OPERATIONS & EXTRAORDINARY ITEMS