Description I am used as a medium of exchange in business transactions. I may be held on hand or put in banks for safekeeping. 2. Account title SFP Element 1. I can be in the form of cash or other assets invested by the owner to start- up a business. I am items held for resale. 3. 4. am expenses paid in advance. 5. I am expenses incurred but not yet paid.
Description I am used as a medium of exchange in business transactions. I may be held on hand or put in banks for safekeeping. 2. Account title SFP Element 1. I can be in the form of cash or other assets invested by the owner to start- up a business. I am items held for resale. 3. 4. am expenses paid in advance. 5. I am expenses incurred but not yet paid.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:What's New
The activity below will help you check how much you know about the key elements
of the Statement of Financial Position (SFP).
Activity 1: "HULA ME"
Directions:
1. Guess the account title being described in each sentence.
2. Identify what element of SFP (Assets, Liabilities or Equity) it is listed/ included.
3. Write your answers on the columns provided.
Description
Account title
SFP Element
I am used as a medium of
exchange in business
transactions. I may be held on
hand or put in banks for
safekeeping.
2.
1.
I can be in the form of cash or
other assets invested by the
owner to start- up a business.
3.
I am items held for resale.
4.
I
am
expenses
paid
in
advance.
5.
I am expenses incurred but
not yet paid.
6.
I am amounts due to suppliers
for the purchase of goods or
services received on account.
7.
I am an amount taken by the
owner from the business for
personal use.
8.
I am an
account due with
supporting promissory notes.
I am
9.
an account due from
customers as a result of sale
of goods
rendered.
10. I have a long- life and acquired
for use in business operations.
or
for
services
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education