MULTI ANSWER: Which of the following items would usually be classified as a current asset in...

MULTI ANSWER: Which of the following items would usually be classified as a current asset in a budgeted balance sheet?

	a.	Bank overdraft
	b.	Accounts receivable
	c.	Cash at bank
	d.	Inventory
	e.	Fixtures and fittings

Solutions

Expert Solution

b) Accounts Receivable (As it is short term credit, given to buyers the money is received is quickly.)

c) Cash at bank (As it is liquid cash available in bank, and can be withdrawn whenever desired.)

d) Inventory (As these can be sold for liquid cash, quickly therefore these are also known as current assets.)

ekkarill92 answered 2 years ago

Next > < Previous

Related Solutions

Which of the following items would be classified as a source of cash on a company's...

Which of the following items would be classified as a source of cash on a company's statement of cash flows? 1. increase in accounts receivable 2. Increase in accounts payable 3. Increase in Inventory 4.depreciation expense A.3 ONLY B.1 and 3 only C.2 AND 4 ONLY D 1,2,4

Which of the following items would be classified as liabilities on a not-for-profit organization’s balance sheet?...

Which of the following items would be classified as liabilities on a not-for-profit organization’s balance sheet? (select ALL that apply) A. Investments B. Contingent liability C. Prepaid expenses D. Accounts receivable E. Unearned Revenue F. Post-employment benefit obligations

Which of the following would most likely be classified as a current liability? A. Mortgage payable...

Which of the following would most likely be classified as a current liability? A. Mortgage payable B. Portion of long-term debt due within one year C. Two-Year notes payable D. Bonds payable

Which of the following 4 items is most likely to be classified as an A item...

Which of the following 4 items is most likely to be classified as an A item in ABC Analysis? annual usage unit cost widget 300 75 thingamajig 150 5 whatchamacallit 400 4 dohickey 82 60 A. whatchamacallit B. thingamajig C. dohickey D. widget

1. For each of the following items, indicate whether it would be classified as an (O)...

1. For each of the following items, indicate whether it would be classified as an (O) operating activity, an (I) investing activity, a (F) financing activity, or a significant (N) noncash investing or financing activity. __________Received cash dividends from an investment in the stock of another corporation. __________Collected accounts receivable from customers. __________Issued bonds payable for cash. __________Paid wages to employees. __________Issued stock for cash. __________Sold equipment for cash. __________Purchased land in exchange for a note payable. __________Paid cash...

For each of the following items, indicate whether it would be classified as an (O) operating...

For each of the following items, indicate whether it would be classified as an (O) operating activity, an (I) investing activity, a (F) financing activity, or a significant (N) noncash investing or financing activity. __________Received cash dividends from an investment in the stock of another corporation. __________Received interest from an investment in the bonds of another corporation. __________Purchase of land for cash. __________Purchased a building in exchange for common stock. __________Purchased treasury stock. __________Paid interest on a note payable. __________Collected...

1)Which of the following items would be listed on the US current account? a) A house...

1)Which of the following items would be listed on the US current account? a) A house in the United States sold to a Canadian citizen; b) a pair of shoes made in Spain, but sold in the United States; c) tuition payments made by foreign citizens attending a university in the United States d) a car made in Michigan (United States), but sold in Canada; e) the value of Canadian government debt owned by US banks 2)Go to the website...

Which of the following items is not a reduction to the basis of an asset? Depreciation...

Which of the following items is not a reduction to the basis of an asset? Depreciation Assessments for maintenance of sidewalks Cash rebate from manufacturer Casualty losses

How would each of the following liabilities be classified (current, non-current, or both) at the end...

How would each of the following liabilities be classified (current, non-current, or both) at the end of the financial year? Unearned revenue Accrued expenses Provision for warranty costs repair Provision for long-service leave Bills payable GST payable 10-year debentures (after 5 years) Mortgage loan (15-year) Annual leave payable Accounts payable (trade) Dividend payable 10-year debentures (after 91/2 years)

Which of the following would not be classified as a long-term liability?

Which of the following would not be classified as a long-term liability? Mortgage payable Bonds payable Lease liabilities Current maturities of long-term debt

Subjects