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
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
Get Answers For Free
Most questions answered within 1 hours.