LeemanZ Ch. 4 Review Questions

LeemanZ Ch. 4 Review Questions - ACC 175 Ch. 4 Review...

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ACC 175 Ch. 4 Review Questions 1. How are the following classifications of bookkeeping accounts defined? Asset- items of ownership convertible into cash Liability- moneys owed; debts or pecuniary obligations Equity- the monetary value of a property or business beyond any amounts owed on it in mortgages, claims, liens, etc. 2. How are the following categories defined? Current Asset- Cash or an asset expected to be converted into cash within one year Property and Equipment- a non-current asset category that includes long-lived tangible assets Other Assets- a noncurrent asset category that includes long-lived intangible assets Current Liability- A debt due within a year Investments- cost of corporate stock held of affiliates and subsidiaries 3. What are the definitions of the following current asset accounts? Cash- currency, personal checks, travelers checks, and possibly credit and debit cards.
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LeemanZ Ch. 4 Review Questions - ACC 175 Ch. 4 Review...

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