Financial Accounting In-Class Quiz VI--with Answers

Financial Accounting In-Class Quiz VI--with Answers - Accy...

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Accy 201 Financial Accounting In-Class Quiz VI (Test Practice) Match each of the financial statement elements listed below with its proper definition: A. Current Asset B. Non-current Asset C. Current Liability D. Long-term Debt E. None of the above Properly categorize each of the items in the list below using only labels from the list above. Categories on the labeling list may be used once, more than once or not at all. A 1 Cash E 2 Preferred stock issued last year A 3 Products purchased by a retail company, that will be offered for sale C 4 The current month’s utility bill that will not be paid until next month A 5 Advertising bill paid for print ads that will run over the next 6 months D 6 Principle owed on a 3-year mortgage B 7 A building the company intends to use as a warehouse B 8 Stock a company purchased to provide funding to a key customer C 9 Services paid for by customers that have not yet been performed D 1 0 Principle on 10-year bonds issued by the company Year 1 Year 2 Year 3 Current Assets $12,000 $15,000 $16,000 Noncurrent Assets 11. $9,000 $9,000 14. $11,000 Total Assets $21,000 $24,000 $27,000 Current Liabilities 12. $7,000 $8,000 $10,000 Long-Term Debt $6,000 $8,000 15. $13,000 Shareholders’ Equity $8,000 13. $8,000 $14,000 $21,000 $24,000 $27,000 A. Operating Activities B. Investing Activities C. Financing Activities D. Cannot be determined from the information given
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This note was uploaded on 03/12/2010 for the course ACCY 201 taught by Professor Susancurtis during the Fall '09 term at University of Illinois, Urbana Champaign.

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Financial Accounting In-Class Quiz VI--with Answers - Accy...

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