Balance Sheet Classification Indicate how each of the following items would be classified as of 12/31/2018. Then in the next column indicate (yes or no) if the account is a contra account. Balance Sheet Classification Contra- account Classification Types Current Assets Investments Property, Plant, & equipment Intangible assets Other assets Current Liabilities Long-term Liabilities Retained earnings Note to the financial statements Not Reported 1. Copyright 2. Uninsured fire loss occurring 10 days after the balance sheet date 3. Petty cash fund 4. Unamortized discount on bonds due in 2019. 5. Unamortized discount on bonds due in 2020. 6. Accumulated depreciation 7. Land held for speculation. 8. Current maturity of bonds payable. 9. Rental revenues for three months collected in advance. 10. Land used as for plant. 11. Salaries which the company has budgeted to pay employees within the next year. 12. Advances to sales person for salaries. 13. Cash used in a sinking fund to pay off debt. 14. Cash surrender value of life insurance. Yes No

Q: Describe term net asset value (NAV)?

A: Net asset value (NAV): It describes an entity's net worth, which is measured as the complete value…

Q: describe uses and limitations of the balance sheet in fi nancial analysis;

A: Introduction: The balance sheet provides users with information on the firm’s assets, liabilities…

Q: Define Asset turnover.

A: Ratio analysis  It is the financial analysis tool for measuring the profitability, liquidity,…

Q: What does MYOB use the Historical Balancing account for?

A: MYOB: It is often defined as an international accounting software that is used by the businesses for…

Q: What are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: Distinguish between Order of Liquidity and Order of Permanence.

A: The financial statements of a firm is presented in order to assess the performance and position of…

Q: Define General ledger.

A: General ledger is the book containing the accounts and their amounts which are posted from journal…

Q: What are operational assets? Give example?

A: Operational assets: Operational assets are those assets acquired for use in the day to day…

Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?

A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: Define divisional cost of capital

A: A firm’s capital structure is the mix of debt and equity. The cost of procuring such debt and equity…

Q: balance sheet of above solution

A: Balance Sheet: It is one of the financial statement which list organization's assets, liabilities,…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: Explain Bill-and-hold concept.

A:

Q: Define revenue-producing assets.

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: Define arbitrage

A: Introduction: Usually, an arbitrage opportunity is used when there is the option of purchasing an…

Q: Name the major subsystems of the revenue cycle.

A: Revenue cycle refers to tracking a revenue transaction from its beginning to end i.e. from receiving…

Q: Are there any specific considerations that must be taken into accounr when reviewing  a balance…

A: Components of balance sheet are: Asset: Current Assets: Current assets are those assets which are…

Q: Describe the Asset Management Analysis?

A: Asset management (turn over) ratios compare an organization's assets with its turnover. Asset…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.