Asked by Juliette Grant on May 02, 2024
Verified
Indicate whether each of the following would be reported in the financial statements as a
(n)
(a) current asset,
(b) current liability,
(c) revenue, or
(d) expense:
Current Asset
Assets that are expected to be converted into cash, sold, or consumed within a year or within the operating cycle of the business, whichever is longer.
Current Liability
A company's debts or obligations that are due within one year, appearing on the company's balance sheet and including short-term borrowing, accounts payable, and other liabilities.
Revenue
The total amount of money received by a company for goods sold or services provided during a certain time period.
- Enhance skills in differentiating between account categories and determining their location on financial reports.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
(1)current asset
(2)current liability
(3)current asset
(4)expense
(5)expense
(6)current asset
(7)current liability
(8)revenue
(2)current liability
(3)current asset
(4)expense
(5)expense
(6)current asset
(7)current liability
(8)revenue
Learning Objectives
- Enhance skills in differentiating between account categories and determining their location on financial reports.