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5 Written Questions

5 Matching Questions

  1. Which is NOT a component of the operating cycle?
    Payment of employees' wages
    Purchase of inventory
    Collection of cash form inventory sales
    Sale of inventory
  2. In a classified balance sheet, assets are usually classified as:
  3. What is the classification for trademark?
  4. What is the classification for accounts receivable?
  5. What is the classification for goodwill?
  1. a Current Assets
  2. b Payment of employees' wages
  3. c Property, plant, and equipment
  4. d Long-term investments
  5. e Current assets; long-term investments; property, plant, and equipment; and intangible assets.

5 Multiple Choice Questions

  1. an investment
  2. 10 days.
  3. Intangible Assets
  4. Operating expenses to the seller
  5. Inventory.

5 True/False Questions

  1. What is the classification for prepaid rent?Property, plant, and equipment


  2. What is the classification for mortgage payable (payments due monthly over the next 20 years)?Long-term investments


  3. What is: A detailed inventory system in which the cost of each invewntory item is maintained and the rcords continuously show the inventory that should be on hand.Periodic Inventory.


  4. The income statement of a merchandising comany contain the following unique features:Sales revenue, cost of goods sold, and gross profit.


  5. What is the classification for long-term investment in bonds?Intangible Assets


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