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31 Cards in this Set
- Front
- Back
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Inventory |
CA
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Accounts payable |
CL
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Cash |
CA
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Patents |
NCA
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Notes payable, due in six months |
CL
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Taxes payable |
CL
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Prepaid rent (for the next nine months) |
CA
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Bonds payable, due in 10 years |
LTL
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Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL)
Machinery |
NCA
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Accounts payable |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Accounts receivable |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Advertising expense |
IS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Bad debt expense |
IS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Bonds payable |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Buildings |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Cash |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Common Stock |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Depreciation expense |
IS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Dividends |
RE
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Land held for future expansion |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Loan payable |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Office supplies |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Patent |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Patent amoritization expense |
IS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Prepaid insurance |
BS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Retained earnings |
RE
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Sales |
IS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Utilities Expense |
IS
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Identify the statement - balance sheet (BS), income statement (IS), or retained earnings statement (RE) - on which each of the following items would appear.
Wages Payable |
BS
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What are the advantages of the multiple-step income statement?
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The groupings of various items and the provision of important subtotals
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How does Statement of Cash Flow differ from an Income Statement?
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Reports on operations on a cash basis also investing and financing activities are included
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