Chapter 3, Problem 3.10P

After completing the preparation, the necessary credit adjustments are made to adjust the balances of the accounts shown in * the balance with a view to Photographing the compang's general profit and loss accounts and photographing the balance sheet Balance Sheet - Asset Side circulated Profit and loss account on the revenue side Administrative expenses statement

CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES)

2. Identify six items that under different circumstances could be classified as either current or long-term. Indicate the factors that would determine the correct classification.

choose the letter of answer  Inventories are usually written down to net realizable value a. Item by item b. By classification c. By total d. By segment