Question 1

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Bonds payable
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

Bonds payable are long-term liabilities and would appear on the Long-term Liabilities section of the classified balance sheet.

Question 2

For each item listed, select the section of the balance sheet in which the item would be reported.
-Computer used within the business
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

A computer used within the business would be reported under Property, Plant, and Equipment on the balance sheet as it is a long-term tangible asset.

Question 3

For each item listed, select the section of the balance sheet in which the item would be reported.
-Cash
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Cash is a current asset, as it is expected to be used or converted into cash within one year or one operating cycle, whichever is longer. Therefore, it would be reported in the current assets section of the balance sheet.

Question 4

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Accounts receivable
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

Accounts receivable refers to the money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Question 5

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Income taxes payable
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

The answer of Match the selected items from a classified...

Question 6

For each item listed, select the section of the balance sheet in which the item would be reported.
-Retained earnings
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Retained earnings is a part of stockholders' equity in the balance sheet.

Question 7

For each item listed, select the section of the balance sheet in which the item would be reported.
-Bonds payable
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Bonds payable is a long-term liability and would be reported in the long-term liabilities section of the balance sheet.

Question 8

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Interest expense
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

Interest expense is a financial charge associated with borrowing money, which can be reported on various tax forms, including Form 1065 for partnerships, either on the main form or on Schedule K.

Question 9

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Land
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

Land is a tangible asset, which is a physical asset with a finite value and expected useful life.

Answer: J
 If land is not owned or leased by the company, it would not show up on the balance sheet.

Question 10

For each item listed, select the section of the balance sheet in which the item would be reported.
-Accounts receivable
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Accounts receivable represents money owed to the company by customers for goods or services sold on credit, which is an asset that will be collected within a year, and therefore should be reported in the Current Assets section of the balance sheet.

Question 11

For each item listed, select the section of the balance sheet in which the item would be reported.
-Notes payable--due within one year
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Notes payable due within one year are considered a current liability and would be reported under the Current Liabilities section of the balance sheet.

Question 12

For each item listed, select the section of the balance sheet in which the item would be reported.
-Interest payable
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Interest payable is a current liability, as it represents a debt that must be paid within the next 12 months. Therefore, it would be reported in the current liabilities section of the balance sheet.

Question 13

For each item listed, select the section of the balance sheet in which the item would be reported.
-Land
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Land is a type of property and falls under the category of property, plant, and equipment in the balance sheet.

Question 14

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Consulting revenues
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

Consulting revenues would appear in the Operating Revenue section on the income statement.

Question 15

For each item listed, select the section of the balance sheet in which the item would be reported.
-Computer available for resale
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Computers available for resale by a company are considered inventory, which is classified under Current Assets on the balance sheet because they are expected to be sold within the company's normal operating cycle or within a year.

Question 16

For each item listed, select the section of the balance sheet in which the item would be reported.
-Capital stock
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Capital stock is part of the stockholders' equity section of the balance sheet, as it represents the amount of money invested in the company by its shareholders.

Question 17

For each item listed, select the section of the balance sheet in which the item would be reported.
-Equipment
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Equipment is a fixed asset and is reported under the section of Property, Plant, and Equipment on the balance sheet.

Question 18

For each item listed, select the section of the balance sheet in which the item would be reported.
-Accounts payable
A)Current Assets
B)Property. Plant, and Equipment
C)Current Liabilities
D)Long-term Liabilities
E)Stockholders' Equity

Accepted Answer

Accounts payable represents a liability owed by the company to its suppliers or vendors, and is therefore reported under current liabilities on the balance sheet.

Question 19

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Buildings
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

Buildings are classified as Property, Plant, & Equipment on the balance sheet as they are long-term assets. They do not belong to any section of the income statement.

Question 20

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Capital stock
A)Current Assets balance sheet
B)Property, Plant, & Equipment balance sheet
C)Current Liabilities balance sheet
D)Long-term Liabilities balance sheet
E)Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Accepted Answer

Capital stock is a component of Stockholders' Equity section of the balance sheet.

Quiz 1: Accounting As a Form of Communication

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Bonds payable

For each item listed, select the section of the balance sheet in which the item would be reported. -Computer used within the business

For each item listed, select the section of the balance sheet in which the item would be reported. -Cash

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Accounts receivable

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Income taxes payable

For each item listed, select the section of the balance sheet in which the item would be reported. -Retained earnings

For each item listed, select the section of the balance sheet in which the item would be reported. -Bonds payable

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Interest expense

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Land

For each item listed, select the section of the balance sheet in which the item would be reported. -Accounts receivable

For each item listed, select the section of the balance sheet in which the item would be reported. -Notes payable--due within one year

For each item listed, select the section of the balance sheet in which the item would be reported. -Interest payable

For each item listed, select the section of the balance sheet in which the item would be reported. -Land

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Consulting revenues

For each item listed, select the section of the balance sheet in which the item would be reported. -Computer available for resale

For each item listed, select the section of the balance sheet in which the item would be reported. -Capital stock

For each item listed, select the section of the balance sheet in which the item would be reported. -Equipment

For each item listed, select the section of the balance sheet in which the item would be reported. -Accounts payable

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Buildings

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Capital stock