Matching Questions
1.For items 1 through 3, select the appropriate section of the balance sheet in which the item would be reported.
Sections
ALong-term Investments
BProperty, Plant,& Equipment
CCurrent Liabilities
DLong-term Liabilities
EShareholders’ Equity
Section
Balance Sheet Item
1. Amounts owed for purchasing inventory from creditors (due next month).
2. Cumulative profits retained by the company since operations began.
3. Cost of a building expected to be used by the company for ten more years.
2.For each item numbered 1 through 6 below, identify which accounting element(s) listed inAthroughHeach statement describes. You may use each letter more than once or not at all.
Accounting Elements
A.Assets
E.Revenues
B.Liabilities
F.Expenses
C.Contributed capital
G.Net income
D.Retained earnings
H.Dividends
1.
Total past earnings not distributed to the owners
2.
Inflow of assets from the regular operating activities
3.
Obligations which must be met at some future date
4.
That which will be used to generate future economic benefits
5.
The net growth during a period of time measured as revenues less expenses
6.
Amount invested by equity investors
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