Classified Balance Sheet - ANS-Presents the assets and liabilities of a business in
separate subgroups (long term, current)
COG Available for Sale - Ending Inventory - ANS-COGS Formula
Corporation - ANS-Legal Entity
Cost Principle - ANS-States that an asset is initially recorded at the amount paid to
acquire the asset
Current Assets/Current Liabilities - ANS-Current Ratio Formula
Current Liabilities - ANS-Obligation that will require, within the coming year or the
normal operating cycle, whichever is longer, 1) the use of existing current assets or 2)
the creation of other current liabilities
Current Ratio & Quick Ratio - ANS-Which of the ratios measure liquidity?
Debit Cash, Credit AR - ANS-Journal Entry:
Received Payment on Account from Customer
Debit Cash, Credit Fee Revenue - ANS-Journal Entry: Performed Services for
Customers
Debit cash, Credit Notes Payable - ANS-Journal Entry: Signed Bank Note in Exchange
for Cash (Bank Issues Note To You)
Debit Cash, Debit AR, Credit Fee Revenue - ANS-Journal Entry: Performed Services for
Cash and On Account
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