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Introduction to Financial Accounting Chapter 2 Exam Questions and Answers $8.49   Add to cart

Exam (elaborations)

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...

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  • August 21, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Accounting
  • Financial Accounting
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lectknancy
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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