Solved

Match the Accounts Found on Balance Sheets to the Classification

Question 170

Matching

Match the accounts found on balance sheets to the classification scheme for a statement of financial position .

Premises:
Accumulated Depreciation
Retained Earnings
Interest Expense
Income Taxes Payable
Dividends
Inventory
Patent
Prepaid Insurance
Mortgage Payable
Investment in long-term bonds
Responses:
Intangible assets
Property, plant, and equipment
Long-term investments
Current assets
Equity
Non-current liabilities
Current liabilities
Not on the statement of financial position

Correct Answer:

Accumulated Depreciation
Retained Earnings
Interest Expense
Income Taxes Payable
Dividends
Inventory
Patent
Prepaid Insurance
Mortgage Payable
Investment in long-term bonds
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