Skip to main content

Business Accounting FINANCIAL ACCT.FUND.(LOOSELEAF)

Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables , inventories, prepaid assets and other current assets. Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year. Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services. Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period. Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets. Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year. To identify: The relevant category of balance sheet for the given items.

Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables , inventories, prepaid assets and other current assets. Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year. Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services. Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period. Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets. Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year. To identify: The relevant category of balance sheet for the given items.

Solution Summary: The author explains that current assets include cash, short term investments, accounts receivables, inventories, prepaid assets, etc., and long term liabilities.

FINANCIAL ACCT.FUND.(LOOSELEAF)

FINANCIAL ACCT.FUND.(LOOSELEAF)

7th Edition

ISBN: 9781260482867

Author: Wild

Publisher: MCG

See similar textbooks

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…

Videos

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 24QS

To determine

Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year.

Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services.

Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period.

Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year.

To identify: The relevant category of balance sheet for the given items.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

Blurred answer

Chapter 3, Problem 23QS

Chapter 3, Problem 25QS

Students have asked these similar questions

Kur up Manufacturing has a standard of 3.4 pounds of materials per unit, at $14.80 per pound. In producing 1,050 units, Kurup used 3,400 pounds of materials at a total cost of $49,200. What is Kurup's total materials variance?

What is the amount of liabilities for Jassi?

Felton Industries reported Net sales of $4.2 million, beginning total assets of $1.1 million, and ending total assets of $1.5 million. The average total asset amount is: A. $0.40 million B. $2.80 million C. $0.30 million D. $2.40 million E. $1.30 million

Chapter 3 Solutions

FINANCIAL ACCT.FUND.(LOOSELEAF)

Ch. 3 - A company forgot to record accrued and unpaid...Ch. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - Prob. 3MCQ Ch. 3 - On November 1, Stockton Co. receives $3,600 cash...Ch. 3 - Prob. 5MCQ Ch. 3 - Prob. 1DQ Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ

Ch. 3 - Prob. 6DQ Ch. 3 - Prob. 7DQ Ch. 3 - Prob. 8DQ Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ Ch. 3 - Prob. 11DQ Ch. 3 - Prob. 12DQ Ch. 3 - Prob. 13DQ Ch. 3 - Prob. 14DQ Ch. 3 - Prob. 15DQ Ch. 3 - Prob. 16DQ Ch. 3 - Prob. 17DQ Ch. 3 - Prob. 18DQ Ch. 3 - Prob. 1QS Ch. 3 - Prob. 2QS Ch. 3 - Prob. 3QS Ch. 3 - Prob. 4QS Ch. 3 - Prob. 5QS Ch. 3 - Prob. 6QS Ch. 3 - Prob. 7QS Ch. 3 - Prob. 8QS Ch. 3 - Prob. 9QS Ch. 3 - Prob. 10QS Ch. 3 - Prob. 11QS Ch. 3 - Prob. 12QS Ch. 3 - Prob. 13QS Ch. 3 - Prob. 14QS Ch. 3 - Prob. 15QS Ch. 3 - Prob. 16QS Ch. 3 - Prob. 17QS Ch. 3 - Prob. 18QS Ch. 3 - Prob. 19QS Ch. 3 - Prob. 20QS Ch. 3 - Prob. 21QS Ch. 3 - Prob. 22QS Ch. 3 - Preparing a classified balance sheet C3 Use the...Ch. 3 - Prob. 24QS Ch. 3 - Prob. 25QS Ch. 3 - Prob. 26QS Ch. 3 - Prob. 27QS Ch. 3 - Prob. 28QS Ch. 3 - Prob. 1E Ch. 3 - Prob. 2E Ch. 3 - Prob. 3E Ch. 3 - Prob. 4E Ch. 3 - Prob. 5E Ch. 3 - Prob. 6E Ch. 3 - Prob. 7E Ch. 3 - Prob. 8E Ch. 3 - Prob. 9E Ch. 3 - Prob. 10E Ch. 3 - Prob. 11E Ch. 3 - Prob. 12E Ch. 3 - Prob. 13E Ch. 3 - Prob. 14E Ch. 3 - Prob. 15E Ch. 3 - Preparing unadjusted and adjusted trial balances,...Ch. 3 - Prob. 17E Ch. 3 - Prob. 1PSA Ch. 3 - Prob. 2PSA Ch. 3 - Prob. 6PSA Ch. 3 - Prob. 7PSA Ch. 3 - Prob. 1PSB Ch. 3 - Prob. 2PSB Ch. 3 - Prob. 3PSB Ch. 3 - Preparing financial statements from adjusted trial...Ch. 3 - Prob. 5PSB Ch. 3 - Preparing closing entries and financial statements...Ch. 3 - Determining balance sheet classifications C3 In...Ch. 3 - After the success of the company’s first two...Ch. 3 - Prob. 1GLP Ch. 3 - Prob. 2GLP Ch. 3 - Prob. 3GLP Ch. 3 - Prob. 4GLP Ch. 3 - Prob. 5GLP Ch. 3 - Prob. 1AA Ch. 3 - Prob. 2AA Ch. 3 - Prob. 3AA Ch. 3 - Prob. 1BTN Ch. 3 - Prob. 2BTN Ch. 3 - Prob. 3BTN Ch. 3 - Prob. 4BTN Ch. 3 - Prob. 5BTN Ch. 3 - Prob. 6BTN

Knowledge Booster

Background pattern image

Accounting

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.

Similar questions

SEE MORE QUESTIONS

Recommended textbooks for you

Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,

Text book image

Managerial Accounting: The Cornerstone of Busines...

Accounting

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Cengage Learning

Text book image

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:Cengage Learning

Text book image

Managerial Accounting

Accounting

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:South-Western College Pub

Text book image

Financial And Managerial Accounting

Accounting

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:Cengage Learning,

SEE MORE TEXTBOOKS

The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License