Question

For statement of financial statement. indicates the proper classification for each of the following items (from...

For statement of financial statement. indicates the proper classification for each of the following items (from the drop down menu).
1/ deficit
2/ donated land
3/ prepaid expenses
4/ upon closing unrealized holding gain or loss - OCI
5/ bond sinking fund

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Answer #1

Answer :

Proper classification for each of the following item is :

1. Deficit

Shareholder's Equity > Other Reserves > Deficit

2. Donated land

Other Expenses > donation Expenses

3. Prepaid Expenses

Current Assets > Other current Assets > Prepaid Expenses

4. Upon closing unrealized holding gain or loss - OCI

Other Comprehensive Income > Unrealized Holding Gain/Loss

5. Bond Sinking Fund

Non-Current Assets > Other Non-current Assets > Bond Sinking Fund

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