Required: Match each account to the proper account description by placing the ap
ID: 461984 • Letter: R
Question
Required:
Match each account to the proper account description by placing the appropriate letter before the account name; not all letters will be used.
Account
____ 1.
Accounts Payable
____ 2.
Accounts Receivable
____ 3.
Accrued Liabilities
____ 4.
Accumulated Depreciation
____ 5.
Cash
____ 6.
Common Stock
____ 7.
Convertible Debentures
____ 8.
Deferred Income Taxes (liability)
____ 9.
Equipment
____ 10.
Inventory
____ 11.
Land
____ 12.
Marketable Securities
____ 13.
Minority Interest
____ 14.
Paid-In Capital in Excess of Par
____ 15.
Retained Earnings
____ 16.
Treasury Stock
Account Descriptions
a.
Stocks and bonds of other companies held for the purpose of exercising control.
b.
An accumulation of the sum of the expense since the beginning of the benefit period.
c.
Outside ownership in the equity of consolidated subsidiaries.
d.
Machinery and tools, valued at historical cost.
e.
Monies due because expenses, such as salaries, are incurred in a different period than when the cash outlay occurs.
f.
The most liquid of assets, it may also include savings accounts.
g.
Goods on hand.
h.
A potential liability created by differing tax and reporting methods.
i.
Ownership and debt instruments readily converted to cash.
j.
An expenditure made in advance of the use of the service or good.
k.
Monies due from customers arising from sale or service rendered.
l.
The capital stock of residual owners.
m.
Bonds that can be exchanged for stock at the option of the holder.
n.
Undistributed earnings of the corporation.
o.
Shares of the firm's own stock that have been repurchased.
p.
Monies due for goods bought for use or resale.
q.
Excess over legal par paid at time of sale.
r.
Nondepreciable real estate.
s.
Collections in advance of service.
t.
Securities that give the holder the right to buy additional shares of common stock at a fixed price.
Account
____ 1.
Accounts Payable
____ 2.
Accounts Receivable
____ 3.
Accrued Liabilities
____ 4.
Accumulated Depreciation
____ 5.
Cash
____ 6.
Common Stock
____ 7.
Convertible Debentures
____ 8.
Deferred Income Taxes (liability)
____ 9.
Equipment
____ 10.
Inventory
____ 11.
Land
____ 12.
Marketable Securities
____ 13.
Minority Interest
____ 14.
Paid-In Capital in Excess of Par
____ 15.
Retained Earnings
____ 16.
Treasury Stock
Explanation / Answer
1.
p
2.
k
3.
e
4.
b
5.
f
6.
l
7.
m
8.
h
9.
d
10.
g
11.
r
12.
i
13.
c
14.
q
15.
n
16.
o
Account Descriptions a, j, s, and t are not used.
1.
p
2.
k
3.
e
4.
b
5.
f
6.
l
7.
m
8.
h
9.
d
10.
g
11.
r
12.
i
13.
c
14.
q
15.
n
16.
o
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