State whether the following are non-current assets, current assets, owner's equity(a) Premises(b) Long-term loans() insurance(d) Dividends received(e) InventoriesOCapitaln Bank overdraftsnon-current liabilities, current liabilities, income or expenses(g) Cash in hand(n) Motor vehicles) Trade receivablesO Trade payables(k) Fixtures and fittings(m) Machineries(n) Franchises

Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Stute whether the following are non-current assets, current assets, owner's equty. non-current liabilities, current liabilities, income or expenses (a) Premises (bi Long-term loans () Insurance (d) Dividends received (e) inventories O Capital n Bank overdrafts (g) Cash in hand (n) Motor vehicles ) Trade receivables O Trade payables (k) Fixtures and fittings (m) Machineries (n) Franchises

Stute whether the following are non-current assets, current assets, owner's equty. non-current liabilities, current liabilities, income or expenses (a) Premises (bi Long-term loans () Insurance (d) Dividends received (e) inventories O Capital n Bank overdrafts (g) Cash in hand (n) Motor vehicles ) Trade receivables O Trade payables (k) Fixtures and fittings (m) Machineries (n) Franchises

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following transactions will increase an asset and increase a liability?a. Purchasing office equipment for cashb. Buying equipment on accountc. Paying an account payabled. Issuing stock
Principle of Healthcare Finance Question: Which of the following statement is FALSE about assets? Assets make up the lower section of the balance sheet Assets are listed on the balance sheet in order of liquidity, or the speed at which they are converted to cash A category of assets is property and equipment which is also called fixed assets The assets of a business represent items of value owned by the business
Solve the general ledger T-accounts. I need a cash, accounts receivable, inventory, land,accounts payable,notes payable,sales revenue, gain on sale of land and cost of goods sold
Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful accounts C. internet expense d. sales
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the owner's equity statement (OES), or the Balance Sheet (BS). Insurance Expense [ Select] [ Select ] OES Accounts Receivabl BS IS Notes Payable [ Select] >
At the time of dissolution of the which one of the following account has to be prepared for disposing of assets and settlement of liabilities: a. Revaluation account b. Reserve account c. Revenue account d. Realisation account FAST************
which of the following is an operating avtivity? A. billing customers for services rendered but not yet paid for B. paying off a loan to the bank C. purchasing equipment for cash D. receiving cash investments from owners
Which of the following should show a profit in order for a financial institution to give a the company a loan a) income statement b) rent expense c) accelerated depreciation d) accounts receivable a) income statement b) rent expense c) accelerated depreciation d) accounts receivable
"Identify each of the following accounts of Kaiser Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit:A.Accounts PayableB.Accounts ReceivableC.CashD.Common StockE.DividendsF.Fees EarnedG.Office EquipmentH.Rent ExpenseI.SuppliesJ.Wages Expense
Which of the following entries records receiving the cash payment from a customer for previous services performed on account. (AP = Accounts Payable, AR = Accounts Receivable)
On winding up, which debts or amounts must be paid first?Select one:a. Unsecured debts and loansb. Employee wages and entitlementsc. Secured creditors with a floating charge over trading stockd. Secured creditors with a fixed charge over specific property
Warm-up: Elements of Statement of Comprehensive Income Identify the correct classification of each of the accounts listed. Put a check mark (v) in the appropriate column. Owner's Account Asset Liability Revenue Expense Equity Accounts Payable Accrued Interest Income Accumulated Depreciation Allowance for Bad Debts Cash in Bank Depreciation Expense Bad Debts Expense Interest Receivable K. De Pedro, Drawing Mortgage Payable Petty Cash Fund Prepaid Insurance Prepaid Interest Professional Fees Repairs and Maintenance Expense Salaries Payable Service Income SSS Premium Expense Supplied on Hand Supplies Inventory Unearned Interest Income Unexpired Insurance Unused Supplies Utilities Expense Withholding Taxes Payable