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Balance Sheet Flashcards | StudBud
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Balance Sheet
Balance Sheet
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Questions
8
Answers
1
Which of the following is
not
a current liability account?
Accrued payroll.
Dividends payable.
Prepaid rent.
Subscriptions collected in advance from customers.
2
Which is a shareholders' equity account in the balance sheet?
Accumulated depreciation.
Paid-in capital.
Accounts receivable.
Salaries payable.
3
Intangible assets usually are reported in the balance sheet as current assets.
True
False
4
The balance sheet reports a company's financial position at a point in time.
False
True
5
Long-term assets generally include
Land held for a possible future plant site.
Inventory held for sale.
Accounts receivable.
Prepaid rent.
6
Subsequent events are significant developments that take place after year-end, and before the f/s are issued.
True
False
7
Current assets are cash or assets that will be converted to cash within 12M or the operating cycle, whichever is longer.
True
False
8
A company would classify a six-month prepaid insurance policy as:
Goodwill.
Current asset.
Property, plant, and equipment.
Investment.
