Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Which of the following accounts must be presented in the current assets section of the statement of financial position? Finish Marked out of 6
Which of the following accounts must be presented in the current assets section of the statement of financial position? Finish Marked out of 6.00 Timele Flag question DAccounts payable cash Dlong term debt Accumulated depreciation Equipment Patents ?Prepaid expenses Oinvestments for 8 months inventory Accounts receivable Supplier Land Salanes and wages payable Buildings
Which of the following accounts must be presented in the Property, Plant, and Equipmrny section of the statement of financial position? Buildings Supplies Patents Equipment Salaries and wages payable Oland Cash Accounts receivable Prepaid expenses Accounts payable Accumulated depreciation inventory Investments for 8 months Long-term debt
Answer (1). Current assets section in the financial statements include assets which are expected to be consumed, converted into cash either in one year or in the one operating cycle.
Following accounts must be presented in current assets section of the statement of financial position:-
a) Cash
b) Prepaid expense
c) Inventory
d) Accounts receivable
e) Supplies
f) Investments for 8 months= because they are held for not more than one year.
Answer (2). Property plant and equipment section includes physical or tangible assets that have a life of more than one year.
Following are included in Property plant and equipment section:-
??????
a) Building
b) Equipment
c) land
d) Accumulated depreciation= it is deducted from tangible assets presented in property plant and equipment section.
