Balance Sheet Account Classifications Flashcards

Terms Definitions
The proper balance sheet classification for Accounts Payable is
Current Liabilities
The proper balance sheet classification for Accounts Receivable is
Current Assets
The proper balance sheet classification for Accrued Interest Receivable on Long-term Investments is
Current Assets
The proper balance sheet classification for Accrued Interest Payable is
Current Liabilities
The proper balance sheet classification for Accrued Taxes Payable is
Current Liabilities
The proper balance sheet classification for Accumulated Depreciation - Building is
Property, Plant and Equipment Contra Account
The proper balance sheet classification for Accumulated Depreciation - Machinery is
Property, Plant and Equipment Contra Account
The proper balance sheet classification for Mineral Reserves is
Property, Plant and Equipment
The proper balance sheet classification for Advances by Customers is
Depends. Either Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Advances to Affiliates is
Depends. Current Assets or Long-term Investments or Other Assets
The proper balance sheet classification for Advances to Vendors is
Depends. Current Assets or Long-term Investments or Other Assets
The proper balance sheet classification for Advertising Expense is
Reported on the Income Statement
The proper balance sheet classification for Allowance for Bad Debts is
Current Assets Contra Account (Accounts Receivable)
The proper balance sheet classification for Allowance for Depreciation is
Property, Plant and Equipment Contra Account
The proper balance sheet classification for Allowance for Doubtful Accounts is
Current Assets Contra Account (Accounts Receivable)
The proper balance sheet classification for Allowance for Excess of Cost Over Market Value of Inventory is
Current Assets Contra Account (Inventory)
The proper balance sheet classification for Allowance for Inventory Price Declines is
Current Assets Contra Account (Inventory)
The proper balance sheet classification for Allowance for Purchase Discounts is
Current Liabilities Contra Account (Accounts Payable)
The proper balance sheet classification for Allowance for Sales Discounts is
Current Assets Contra Account (Accounts Receivable)
The proper balance sheet classification for Allowance for Uncollectible Accts is
Current Assets Contra Account (Accounts Receivable)
The proper balance sheet classification for Appropriation for Bond Sinking Fund is
Retained Earnings
The proper balance sheet classification for Appropriation for Contingencies is
Retained Earnings
The proper balance sheet classification for Appropriation for Future Plant Expansion is
Retained Earnings
The proper balance sheet classification for Appropriation for Treasury Stock Purchased is
Retained Earnings
The proper balance sheet classification for Bank Overdraft is
Current Liabilities
The proper balance sheet classification for Bond Interest Payable is
Current Liabilities
The proper balance sheet classification for Bond Interest Receivable is
Current Assets
The proper balance sheet classification for Bond Sinking Fund is
Long-term Investments
The proper balance sheet classification for Building is
Property, Plant and Equipment
The proper balance sheet classification for Cash is
Current Assets
The proper balance sheet classification for Cash in Preferred Stock Redemption Fund is
Long-term Investments
The proper balance sheet classification for Cash Surrender Value of Life Insurance is
Depends. Either Long-term Investments or Other Assets
The proper balance sheet classification for Certificate of Deposit is
Depends. Current Assets or Long-term Investments
The proper balance sheet classification for Common Stock is
Capital Stock
The proper balance sheet classification for Construction in Process (entity's new plant under construction) is
Property, Plant and Equipment
The proper balance sheet classification for Creditor's Accounts with debit balances is
Current Assets
The proper balance sheet classification for Current Maturities of Bonds Payable (to be paid from Bond Sinking Fund) is
Long-term Liabilities
The proper balance sheet classification for Current Maturities of Bonds Payable (to be paid from general cash account) is
Current Liabilities
The proper balance sheet classification for Current Portion of Mortgage Payable is
Current Liabilities
The proper balance sheet classification for Current Portion of Long-term Debt is
Current Liabilities
The proper balance sheet classification for Customers' accounts with credit balances is
Current Liabilities
The proper balance sheet classification for Customers' Deposits is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Deferred Income Tax Asset is
Depends. Current Assets or Other Assets
The proper balance sheet classification for Deferred Income Tax Liability is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Deferred Property Tax Expense is
Current Assets
The proper balance sheet classification for Deferred Office Supplies is
Current Assets
The proper balance sheet classification for Deferred Rental Income is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Deferred Subscription Revenue is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Deferred Service Contract Revenue is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Deposits on Equipment Purchases is
Property, Plant and Equipment
The proper balance sheet classification for Depreciation of Equipment is
Reported on the Income Statement
The proper balance sheet classification for Discount on Bonds Payable is
Long-term Liabilities Contra Account
The proper balance sheet classification for Discount on Common Stock is
Capital Stock Contra Account
The proper balance sheet classification for Discount on Notes Payable is
Depends. Contra Account to Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Discounts on Notes Receivable is
Depends. Contra Account to Current Assets or Long-term Investments
The proper balance sheet classification for Dishonored Notes Receivable is
Current Assets
The proper balance sheet classification for Dividend Payable in Cash is
Current Liabilities
The proper balance sheet classification for Dividend Payable in Common Stock is
Capital Stock
The proper balance sheet classification for Earned Rental Revenue is
Reported on the Income Statement
The proper balance sheet classification for Accrued Pension Liability is
Long-term Liabilities
The proper balance sheet classification for Estimated Liability for Income Taxes is
Current Liabilities
The proper balance sheet classification for Estimated Liability for Warranties is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Estimated Premium Claims Outstanding is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Factory Supplies is
Current Assets
The proper balance sheet classification for Finished Goods Inventory is
Current Assets
The proper balance sheet classification for Furniture and Fixtures is
Property, Plant and Equipment
The proper balance sheet classification for Gain of Sale on Equipment is
Reported on the Income Statement
The proper balance sheet classification for General and Administrative Expenses is
Reported on the Income Statement
The proper balance sheet classification for Goodwill is
Intangible Assets
The proper balance sheet classification for Income Tax Payable is
Current Liabilities
The proper balance sheet classification for Income Tax Refund Receivable is
Current Assets
The proper balance sheet classification for Income Tax Withheld (from employees) is
Current Liabilities
The proper balance sheet classification for Interest Payable is
Current Liabilities
The proper balance sheet classification for Interest Receivable is
Current Assets
The proper balance sheet classification for Interest Revenue is
Reported on the Income Statement
The proper balance sheet classification for Investment in General Motors Stock is
Current Assets
The proper balance sheet classification for Investment in U.S. Gov. Bonds is
Depends. Current Assets or Long-term Investments
The proper balance sheet classification for Investment in Unconsolidated Subsidiary is
Long-term Investments
The proper balance sheet classification for Land is
Property, Plant and Equipment
The proper balance sheet classification for Land Held for Future Plant Site is
Long-term Investments
The proper balance sheet classification for Land Used for Parking Lot is
Property, Plant and Equipment
The proper balance sheet classification for Leasehold Improvements is
Property, Plant and Equipment
The proper balance sheet classification for Leasehold Costs is
Intangible Assets
The proper balance sheet classification for Loss on Sale of Marketable Securities is
Reported on the Income Statement
The proper balance sheet classification for Machinery and Equipment is
Property, Plant and Equipment
The proper balance sheet classification for Machinery and Equip. Sitting Idle is
Other Assets
The proper balance sheet classification for Marketable Securities is
Depends. Current Assets or Long-term Investments
The proper balance sheet classification for Merchandise Inventory is
Current Assets
The proper balance sheet classification for Mortgage Payable is
Long-term Liabilities
The proper balance sheet classification for Notes Payable is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Notes Payable to Banks is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Notes Receivable is
Depends. Current Assets or Long-term Investments
The proper balance sheet classification for Notes Receivable from Officers is
Depends. Current Assets or Long-term Investments
The proper balance sheet classification for Office Supplies on Hand is
Current Assets
The proper balance sheet classification for Office Supplies Prepaid is
Current Assets
The proper balance sheet classification for Office Supplies Expense is
Reported on the Income Statement
The proper balance sheet classification for Office Supplies Used is
Reported on the Income Statement
The proper balance sheet classification for Patents is
Intangible Assets
The proper balance sheet classification for Petty Cash Fund is
Current Assets
The proper balance sheet classification for Plant and Equipment is
Property, Plant and Equipment
The proper balance sheet classification for Plant Assets No Longer Used (and now Held for Sale) is
Depends. Current Assets or Other Assets
The proper balance sheet classification for Preferred Stock Redemption Fund is
Long-term Investments
The proper balance sheet classification for Premium on Bonds Payable is
Long-term Liability
The proper balance sheet classification for Premium on Common Stock is
Additional Paid-in Capital
The proper balance sheet classification for Prepaid Advertising is
Current Assets
The proper balance sheet classification for Prepaid Insurance is
Current Assets
The proper balance sheet classification for Prepaid Insurance Expense is
Current Assets
The proper balance sheet classification for Prepaid Office Supplies is
Current Assets
The proper balance sheet classification for Prepaid Royalty Payments is
Current Assets
The proper balance sheet classification for Prepaid Property Taxes is
Current Assets
The proper balance sheet classification for Provision for Bad Debts is
Reported on the Income Statement
The proper balance sheet classification for Provision for Income Taxes is
Reported on the Income Statement
The proper balance sheet classification for Rent Revenue is
Reported on the Income Statement
The proper balance sheet classification for Salaries Payable is
Current Liability
The proper balance sheet classification for Sales Discounts and Allowances is
Reported on the Income Statement
The proper balance sheet classification for Selling Expense Control is
Reported on the Income Statement
The proper balance sheet classification for Stock Dividends Distributable is
Capital Stock
The proper balance sheet classification for Stock Dividends Payable is
Capital Stock
The proper balance sheet classification for Store Supplies is
Current Assets
The proper balance sheet classification for Store Supplies Used is
Reported on the Income Statement
The proper balance sheet classification for Tools and Dies (5-year life) is
Property, Plant and Equipment
The proper balance sheet classification for Tools and Dies (6-mos. life) is
Reported on the Income Statement
The proper balance sheet classification for Treasury Stock Common (at cost) is
Contra Account to total of Capital Stock, Additional Paid-in Capital and Retained Earnings
The proper balance sheet classification for Unamortized Bond Issue Costs is
Other Assets
The proper balance sheet classification for Unamortized Discount on Bonds Payable is
Long-term Liabilities Contra Account
The proper balance sheet classification for Unearned Rental Income is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Unearned Royalties is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Unearned Subscription Income is
Depends. Current Liabilities or Long-term Liabilities
The proper balance sheet classification for Unexpired Insurance is
Current Assets
The proper balance sheet classification for Vacation Pay Payable is
Current Liabilities
The proper balance sheet classification for Vouchers Payable is
Current Liabilities
The proper balance sheet classification for Work in Process is
Current Assets
/ 132
Term:
Definition:
Definition:

Leave a Comment ({[ getComments().length ]})

Comments ({[ getComments().length ]})

{[comment.username]}

{[ comment.comment ]}

View All {[ getComments().length ]} Comments
Ask a homework question - tutors are online