Introduction to Financial Accounting Chapter 2 Exam Questions and Answers
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Course
Financial Accounting
Institution
Financial Accounting
Classified Balance Sheet - Answer-Current Assets
Long term Investments/Assets
Property, Plant, and Equipment
Intangible Assets
Current Liabilities
Long term Liabilities
Stockholder's Equity
Current Assets - Answer-Assets that will convert to cash within a year or operating cycle, whichever...
Introduction to Financial Accounting
Chapter 2 Exam Questions and Answers
Classified Balance Sheet - Answer-Current Assets
Long term Investments/Assets
Property, Plant, and Equipment
Intangible Assets
Current Liabilities
Long term Liabilities
Stockholder's Equity
Current Assets - Answer-Assets that will convert to cash within a year or operating
cycle, whichever is longer
Long term Investments/Assets - Answer-Investments or assets that are held for more
then a year
Examples of current assets - Answer-Cash
Investments
Receivables
Inventory
Prepaid Expenses
Examples of long term investments/assets - Answer-Stock investments
investments in real estate
Property, Plant, and Equipment - Answer-(Assets)
land - does NOT depreciate
buildings
equipment
Intangible Assets - Answer-Patents - make something so must get exclusive rights for it
examples: goodwill
Current Liabilies - Answer-Debts or obligations that need to be paid back within a year
or operating cycle, whichever is longer
Examples of current liabilites - Answer-Salaries payable
accounts payable
current portions of long term debts
income tax payable
Long Term Liabilities - Answer-debts or obligations of the firm that can be paid back in
over a year
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