1. Classify each of the following as an Asset, Liability or Owner's Equity account. Account Asset, Liability or Owner's Equity Cash Bank Loan Office Furniture Bart Simpson, Capital Building Land Mortgage Accounts Payable Supplies Accounts Receivable Lucy VanPelt, Capital
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- FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.95 Conceptual Framework Information that is capable of making a difference in the decisions made by users has this qualitative characteristic. a. Relevance b. Faithful representation 2. c. Timeliness d. Verifiability 3. When making materiality judgments, the overriding consideration is a. the ability of the item being judged to influence users' decisions. b. the size of the impact of the item being judged. the characteristics of the item being judged. C. d. cand d 4. This qualitative characteristic is unique in the sense that it necessarily requires at least two items. a. Verifiability b. Faithful representation c. Timeliness d. Comparability 5. Which of the following enhances the comparability of information? a. Making unlike things look alike. b. Making like things look different. c. Using different methods to account for similar transactions from period to period. d. Consistent application of accounting policies from period to period. 6. Information has this qualitative…1. Define the following: Assets Liabilities Owner's Equity Revenue Expenses2. Give the specific account titles for each.
- For each ofthe following accounts, identify whether that item is an asset, liability, or equity account.a. Bonds payableb. Equipmentc. Accounts payabled. Salaries payablee. Common stockf. Retained earningsg. Cashh. Accounts receivablei. Sales revenuej. InventoryQuestion 7 Information is considered to be if it is of a nature that will influence the financial decisions of the users. Select one: a. neutral b. comparable c. material d. prudentThe accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equity
- eflects each situation. Principle or Assumption eports can be prepared for those Business entity assumption Expense recognition (matching) principle S. s reported. Going-concern assumption npact users' decisions. Measurement (cost) principle Monetary unit assumptionQUESTION ONE Identify and fully explain any FOUR qualitative characteristics of useful financial information. Outline the recognition criteria for the following elements of financial statements: Assets Liabilities Income ExpensesInvestment is a [A] personal account [B] real account [C] nominal account [D] representative personal account
- Which of the following groups of accounts increase with a credit? Oa. assets, common stock, revenues Ob. common stock, revenues, expenses Oc. liabilities, common stock, revenues(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________Determine the classification accounts as to asset, liability and equity. If asset or liability determine if it is current or non current Account title SFP classification 1.Accrued rent 2. Marketable securities 3. Deferred income 4. Notes due to suppliers 5. Precollected rent 6. Investment in real estate 7. Notes due from customers 8. Franchise 9. Bad debts 10. Amortization- franchise 11. Patents