Question

MATCHING 31-41 Classify the accounts listed below by matching the account name with one of the...

MATCHING 31-41

Classify the accounts listed below by matching the account name with one of the following financial statement sections in which the account would be reported:

A. Current Assets

B. Fixed Assets

C. Intangible Assets

D. Current Liability

E. Long-Term Liability

F. Owners’ Equity

G. Revenues

H. Operating Expenses

I. Other Income/Expense

31. Buildings

32. Accumulated Depreciation - Buildings

33. Depreciation Expense

34. Trademarks

35. Amortization Expense

36. Repairs Expense

37. Land Improvements

38. Gain on sale of equipment

39. Loss on disposal of asset

40. Loss from Impaired Goodwill

41. Research and Development Costs

Matching 42-50

Match the following terms or phrases in (a-g) with the explanations in 1-8. Terms or phrases may be used more than once.

a. Current ratio

b. Working capital

c. Quick assets

d. Quick ratio

e. Record an accrual and disclose in the notes to the financial statements

f. Disclose only in notes to financial statements

g. No disclosure needed in notes to financial statements

42. Current assets / current liabilities

43. Remote contingent liability

44. Current assets - current liabilities

45. Cash + Temporary Investments + Accounts Receivable

46. Another name for this is acid-test ratio

47. Probable likelihood and estimatable liability .

48. Probable likelihood of a liability but cannot be estimated

49. Reasonably possible likelihood of a liability

50. This measure the “instant” debt-paying ability of a company

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Answer #1

31. Buildings : Fixed assets

32. Accumualted depreciation - buildings: Fixed assets

33. Depreciation expense: Operating expense

34. Trademarks: Intangible assets

35. Amortization expense: Operating expense

36. Repairs expense: Operating expense

37. Land improvements: Fixed assets

38. Gain on sale of equipment: Other income / Expense

39. Loss on disposal of asset: Other income / Expense

40. Loss from impaired goodwill: Other income / Expense

41. Research & developpment costs: Other income / Expense

42. a - Current ratio

43. g- No disclosure needed in notes to the financial statements.

44. b- Working capital

45. c- Quick assets

46. d- Quick ratio

47. e- Record an accrual and disclose in the notes to the financial statements

48. f- Dislclose only in notes to financial statements.

49. f- Disclose only in the notes to financial statements.

50. d - Quick ratio

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