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Managerial Accounting week 1

Managerial Accounting week 1 - Matthew Schweizer Managerial...

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Matthew Schweizer Managerial accounting Concept review Week 1 The answers to the following questions can be found in the PowerPoint presentations Accounting Review for Managerial Accounting Students and Concept Review. 1. Define assets. What characterizes an asset as current or long-term? Assets are economic resources owned by a business that are expected to benefit future operations. Long-term investments are assets not used in the normal course of business, such as speculative investments. They should not be classified as property, plant and equipment 2. What are the total assets of Shannon Realty on December 31, 20xx as listed in the Balance Sheet? $51,800 3. List the current assets of Shannon Realty. Cash, Supplies, Land, Building, Account Receivables 4. List the long-term assets of Shannon Realty. Land and Building 5. Define liabilities.
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Liabilities are present obligations of a business to pay cash, transfer assets, or provide services to other entities in the future Concept Review con’t.
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