5 Written Questions
5 Matching Questions
- 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
- In a classified balance sheet, assets are usually classified as:
- What is the classification for trademark?
- What is the classification for accounts receivable?
- What is the classification for goodwill?
- a Current Assets
- b Payment of employees' wages
- c Property, plant, and equipment
- d Long-term investments
- e Current assets; long-term investments; property, plant, and equipment; and intangible assets.
5 Multiple Choice Questions
- an investment
- 10 days.
- Intangible Assets
- Operating expenses to the seller
5 True/False Questions
What is the classification for prepaid rent? → Property, plant, and equipment
What is the classification for mortgage payable (payments due monthly over the next 20 years)? → Long-term investments
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.
The income statement of a merchandising comany contain the following unique features: → Sales revenue, cost of goods sold, and gross profit.
What is the classification for long-term investment in bonds? → Intangible Assets