Homework Answers
Answer
Land
Land is a long term asset account.
It is normally held for a long term use and that will benefit the company for many years.
Cash generally considered as short term asset and Common stock is a security that represents ownership in a corporation. Revene means income generated from normal business operations .
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Which of the following would be a long term asset account? Revenues Land Common Stock
Is Land properly classified as a current asset or a long term asset? Could one company...
Is Land properly classified as a current asset or a long term asset? Could one company own several parcels of land with one parcel of land classified as a current asset and a different parcel classified as long term? What would be the difference between the two parcels?
4. Which of the following is not a long-term or non-current asset? a. Furniture and fixtures...
4. Which of the following is not a long-term or non-current asset? a. Furniture and fixtures b. Trucks and automobiles C. Prepaid insurance d. Land 5. Accounts receivable can best be described as.. a. Amounts owed to the bank abou b. Funds transferred from one bank account to another C. Amounts due from customers for services already performe d. Amounts received from customers for services to be perfor 6. Which is not a type of fixed asset? a. Furniture b....
Question 6 If the cost method is used to account for a long-term investment in common...
Question 6 If the cost method is used to account for a long-term investment in common stock, dividends received should be credited to the Dividend Revenue account. debited to the Stock Investments account. recorded only when 20% or more of the stock is owned. credited to the Stock Investments account. Question 7 If 10% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of accounting for the investment is determined by agreement...
Which of the following groups of accounts increase with a credit? liabilities, common stock, revenues common...
Which of the following groups of accounts increase with a credit? liabilities, common stock, revenues common stock, revenues, expenses assets, common stock, revenues None of these choices are correct. CC
Asset Class US Government T-Bill Large Cap Common Stock Long Term Corporate Bond Small Cap Stock...
Asset Class US Government T-Bill Large Cap Common Stock Long Term Corporate Bond Small Cap Stock Return % 3% 12% 6% 14% Illustrate your understanding as to why asset classes in the above scenario differs in return. What are the most critical variables that is going to likely affect these investment return.
A contra long-term asset account normally has a: Select one: a. It depends on the type...
A contra long-term asset account normally has a: Select one: a. It depends on the type of asset account to which the contra account is linked b. Zero balance c. Debit balance d. Credit balance
The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset,...
The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset, but at the same time not affecting owner’s equity b. Use it as a temporary account c. Present a higher net income d. Always reflect the original value (historical cost) of the asset on the balance sheet
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it...
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Cost of Goods Sold 2. Inventory 3. Retained Earnings 4. Accounts Payable 5. Land 6. Dividends 7. Service Revenue 8. Prepaid Expense 9. Long Term Debt 10. Common Shares
31) Common Stock is a separate account in the A) equity B) asset category of the...
31) Common Stock is a separate account in the A) equity B) asset category of the accounting equation C) liability D) revenue 32) The time period concept states that A) expenses incurred during a period should be matched against the revenues of the period B) companies should record revenue when it has been eamed ©) all expenses should be recorded when they are incurred during the period D) financial statements can be prepared for specific periods 33) Adjusting entries are...
Which of the following data are most likely following a long-term trend trajectory? Coffee drinkers Land-line...
Which of the following data are most likely following a long-term trend trajectory? Coffee drinkers Land-line phone users Stock prices Flu-related illnesses
4. Which of the following is not a long-term or non-current asset? a. Furniture and fixtures b. Trucks and automobiles C. Prepaid insurance d. Land 5. Accounts receivable can best be described as.. a. Amounts owed to the bank abou b. Funds transferred from one bank account to another C. Amounts due from customers for services already performe d. Amounts received from customers for services to be perfor 6. Which is not a type of fixed asset? a. Furniture b....
Which of the following groups of accounts increase with a credit? liabilities, common stock, revenues common stock, revenues, expenses assets, common stock, revenues None of these choices are correct. CC
Asset Class US Government T-Bill Large Cap Common Stock Long Term Corporate Bond Small Cap Stock Return % 3% 12% 6% 14% Illustrate your understanding as to why asset classes in the above scenario differs in return. What are the most critical variables that is going to likely affect these investment return.
31) Common Stock is a separate account in the A) equity B) asset category of the accounting equation C) liability D) revenue 32) The time period concept states that A) expenses incurred during a period should be matched against the revenues of the period B) companies should record revenue when it has been eamed ©) all expenses should be recorded when they are incurred during the period D) financial statements can be prepared for specific periods 33) Adjusting entries are...
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