Sections of a balance sheet

Question 1

Accounts Receivable

Answer 1

Current asset

Question 2

Accounts Payable

Answer 2

Current liability

Question 3

Accumulated Depreciation

Answer 3

Long term asset

Question 4

Additional Paid in Capital

Answer 4

Equity

Question 5

Allowance for Uncollectible Accounts

Answer 5

Current asset

Question 6

Bonds Payable

Answer 6

Long term asset

Question 7

Building

Answer 7

Long term assest

Question 8

Cash

Answer 8

Current assest

Question 9

Common stock

Answer 9

equity

Question 10

copyright

Answer 10

long term asset

Question 11

cost of goods sold

Answer 11

income statement

Question 12

deffered income taxes payable

Answer 12

long term liability

Question 13

discount on bonds payable

Answer 13

long term liability

Question 14

dividends payable

Answer 14

current liability

Question 15

finished goods inventory

Answer 15

current asset

Question 16

All expenses

Answer 16

income statement

Question 17

income taxes payable

Answer 17

current liability

Question 18

land

Answer 18

long term asset

Question 19

land held for speculation

Answer 19

long term asset

Question 20

machinery

Answer 20

long term asset

Question 21

marketable securities

Answer 21

long term asset

Question 22

notes payable due in 90 days

Answer 22

current liability

Question 23

notes payable, due in 10 years

Answer 23

long term liability

Question 24

preferred stock

Answer 24

equity

Question 25

prepaid insurance

Answer 25

current assest

Question 26

prepaid rent

Answer 26

current asset

Question 27

purchases discounts

Answer 27

income statement

Question 28

raw materials inventory

Answer 28

current asset

Question 29

retained earnings

Answer 29

equity

Question 30

sales

Answer 30

income statement

Question 31

sales discounts

Answer 31

income statement

Question 32

Sales returns and allowances

Answer 32

income statement

Question 33

selling and adminstration

Answer 33

income statement

Question 34

supplies

Answer 34

current asset

Question 35

wages payable

Answer 35

current liability

Question 36

work in process inventory

Answer 36

current asset

Question 37

When preparing the current asset section of the balance sheet:

Answer 37

always subtract "allowance for uncollectible accounts"

Question 38

When preparing the long term asset section of the balance sheet:

Answer 38

always subtract "accumulated depreciation"

Question 39

Bonds and mortgages are considered as:

Answer 39

long term liabilities

Question 40

Intangibles are considered as:

Answer 40

long term assets (investment)

Question 41

When preparing the balance sheet, use the equation ______.

Answer 41

Assets = Liabilities + Owner's Equity