Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 2, Problem 21EA
To determine
Identify the financial statement on which the item will appear and then identify each of the
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Students have asked these similar questions
Identify the financial statement on which each of the following accounts would appear: the income statement, the retained earnings statement, or the balance sheet:
a. Insurance Expense
b. accounts receivable
c. office supplies
d. sales revenue
e. common stock
f. notes payable
Identify the financial statement on which each of the following accounts would appear: the income
statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS).
A. Insurance Expense
B. Accounts Receivable
C. Office Supplies
D. Sales Revenue
E. Common Stock
F. Notes Payable
From the list below, identify the components that appear on the statement of financial positiona) Assetsb) Liabilitiesc) Alld) Shareholders’equity
Chapter 2 Solutions
Financial Accounting
Ch. 2 - Prob. 1YTCh. 2 - Prob. 2YTCh. 2 - Is prepaid insurance an expense or an asset?...Ch. 2 - Prob. 4YTCh. 2 - Give an example of the matching principle from the...Ch. 2 - What is the difference between cash basis and...Ch. 2 - Prob. 7YTCh. 2 - What is GAAP? What is IFRS?Ch. 2 - Prob. 2QCh. 2 - Prob. 3Q
Ch. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - What are the four basic financial statements?Ch. 2 - Which financial statement pertains to a single...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - What does recognize revenue mean in accounting?Ch. 2 - Prob. 14QCh. 2 - What is an accrual? What is a deferral?Ch. 2 - Must a company collect the money from a sale...Ch. 2 - What is the cost of goods sold?Ch. 2 - Explain the difference between cash basis...Ch. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQCh. 2 - Prob. 8MCQCh. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Elements of the financial statements. (LO 3). For...Ch. 2 - Prob. 2SEACh. 2 - Prob. 3SEACh. 2 - Prob. 4SEACh. 2 - Prob. 5SEACh. 2 - Prob. 6SEACh. 2 - Cash versus credit sales. (LO 3, 4). Company A had...Ch. 2 - Prob. 8SEACh. 2 - Prob. 9SEACh. 2 - Prob. 10SEACh. 2 - Prob. 11SEBCh. 2 - Prob. 12SEBCh. 2 - Prob. 13SEBCh. 2 - Prob. 14SEBCh. 2 - Prob. 15SEBCh. 2 - Prob. 16SEBCh. 2 - Prob. 17SEBCh. 2 - Prob. 18SEBCh. 2 - Prob. 19SEBCh. 2 - Prob. 20SEBCh. 2 - Prob. 21EACh. 2 - Prob. 22EACh. 2 - Prob. 23EACh. 2 - Balance sheet and income statement transactions....Ch. 2 - Prob. 25EACh. 2 - Prob. 26EACh. 2 - Prob. 27EACh. 2 - Prob. 28EACh. 2 - Elements of the financial statements. (LO 3). The...Ch. 2 - Prob. 30EBCh. 2 - Elements of the financial statements. (LO 3)....Ch. 2 - Prob. 32EBCh. 2 - Prob. 33EBCh. 2 - Prob. 34EBCh. 2 - Prob. 35EBCh. 2 - Current ratio. (LO 5). The following data was...Ch. 2 - Prob. 37PACh. 2 - Prob. 38PACh. 2 - Prob. 39PACh. 2 - Prob. 40PACh. 2 - Prob. 41PACh. 2 - Prob. 42PBCh. 2 - Prob. 43PBCh. 2 - Prob. 44PBCh. 2 - Prob. 45PBCh. 2 - Prob. 46PBCh. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSA
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Similar questions
- Explain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardWhich of the following is NOT one of the four items required to be shown in the heading of a financial statement? a. The financial statement preparer's nameb. The title of the financial statementc. The unit of measure in the financial statementd. The name of the business entitiyarrow_forwardWhen recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account IDarrow_forward
- Explain where the various types of accounts are reported on financial statements.arrow_forwardFinancial accounting prepares the general purpose statements profit and loss account and balance sheet, select the people who are the main users of these statements of an entity? a. People those who are working in that entity b. All of these c. People those who provided loan to that entity d. People those who purchased the shares of that entityarrow_forwardThe following may be presented as current assets, except *A. Advances to shareholders, directors, officers or employees b. Subscriptions receivablec. Prepaid advertising expensed. Consigned inventoriesarrow_forward
- 6. The following pertains to financial statements 1. They are the means by which the information accumulated and processed in financial accounting is periodically communicated to the users 2. They are a structured financial representation of the financial position and financial performance of an entity Which of the above statement is/are correct? A. Statement 1 only B. Both statements 1 and 2 C. Statement 2 ony D. Neither statement 1 nor statement 2arrow_forwardThe accounting process involves the identification, measurement and recording of financial transactions. All transactions are identified and captured in the accounts they influence. The accounts are also defined as being a specific type of element (Asset, Liability, Income, Expense, Owner's Equity). Taking into account that each transaction influences at least two accounts, prepare a table indicating the accounts affected by each transaction and also indicate the element each account is defined as. (Assets and liabilities have to be specifically defined whether they are Non-Current or Current). The accounts listing have no particular order, the transaction number, that is applicable, needs to be indicated clearly. Assume the business uses the perpetual inventory system. Ignore VAT Example transaction: . Purchase of trading inventory on credit from a supplier. Transaction number Account name Element Example transaction Inventory Current Asset Creditors Current Liability 21 Transaction 1…arrow_forwardCClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capitalarrow_forward
- Select the item that best completes each of the descriptions below. a. A collection of accounts and account balances is referred to as a(n) b. A(n). such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) _ асcount has a complete record of every transactions recorded. journal e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). of accounts.arrow_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forward
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