Questions from Financial Reporting

Q: Name and describe the three major categories of balance sheet accounts.

Name and describe the three major categories of balance sheet accounts.

Q: Are the following balance sheet items (A) assets, (

Are the following balance sheet items (A) assets, (L) liabilities, or (E) stockholders’ equity? a. Cash dividends payable b. Mortgage notes payable c. Investments in stock d. Cash e. Land f. In...

Q: Classify the following as (CA) current asset, (IV

Classify the following as (CA) current asset, (IV) investments, (IA) intangible asset, or (TA) tangible asset: a. Land b. Cash c. Copyrights d. Marketable securities e. Goodwill f. Inventories g. Tool...

Q: Usually, current assets are listed in a specific order, starting

Usually, current assets are listed in a specific order, starting with cash. What is the objective of this order of listing?

Q: Differentiate between marketable securities and long-term investments. What is

Differentiate between marketable securities and long-term investments. What is the purpose of owning each?

Q: Differentiate between accounts receivable and accounts payable.

Differentiate between accounts receivable and accounts payable.

Q: What types of inventory will a retailing firm have? A manufacturing

What types of inventory will a retailing firm have? A manufacturing firm?

Q: What is depreciation? Which tangible assets are depreciated, and which

What is depreciation? Which tangible assets are depreciated, and which are not? Why?

Q: List where each of the following items may appear. Choose from

List where each of the following items may appear. Choose from (A) income statement, (B) balance sheet, or (C) reconciliation of retained earnings. a. Dividends paid b. Notes payable c. Income from...

Q: What is the difference in the impact on financial statements of a

What is the difference in the impact on financial statements of a stock dividend versus a stock split?