Which one of the following is not categorized as a long-term assets? a. Intangib

Question

Which one of the following is not categorized as a long-term assets? a. Intangibles b. Property, plant and equipment c. Inventory d. Patents 28. Which of the following would appear on an income statement? a. Unearned revenue b. Cost of sales c. Retained earnings d. Dividends 29. Which organization has the power to act accounting rules for companies whose stock is publicly-traded in the U.S. stock markets, but has delegated its power to another organization? a. International Accounting Standards Board (IASB) b. Financial Accounting Standards Board (FASB) c. General Association of Accounting Pracitioners (GAAP) d. Securities and Exchange Commission (SEC) 30. Most businesses in the United Staes are: a. sole proprietorships. b. partnerships c. corporations. d. separate entiries. 31. Which one of the following is the authoritative body having the primary responsibility for developing accounting principles in the United States? a. FASB b. IRS c. SEC d. AICPA 32. Which of the following is one of the elements of stockholders' equity? a. Income tax payable b. Dividends payable c. Retained earnings d. Accounts payable 33. The balance in the retained earnings account represent. a. cash in the bank b. the amount of cash available for dividends. c. accumulated revenues from all prior years of operations. d. accumulated earnings that have not been distributed to stockholders. 34. Significant change in stockholders' equity are reported in: a. income statement. b. retained comings statement. c. statement of stockholders' equity. d. statement of cash flows.

Explanation / Answer

27. Inventory is not categorized as a Long-Term asset, and is considered as Current Assets. 28. Cost of Sales would appear on an income statement. 29. General Association of Accounting Practitioners (GAAP) has the power to set accounting rules for companies whose stock is publicly-traded in the U.S.Stock markets, but has delegated its power to another organisation. 30. Most businesses in the United States are separate entities. 31. FASB is the authoritative body having the primary responsibility for developing accounting principles in the United States. 32. Retained Earnings is one of the elements of stockholders' equity. 33. The balance in the Retained Earnings account represents accumulated earnings that have not been distributed to shareholders. 34. Significant changes in stockholders' equity are reported in statement of stockholders' equity.

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