Accumulated Depreciation Account is a Contra WHAT
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Asks what is kind of contra account is Accumulated Depreciation
Asks what is kind of contra account is Accumulated Depreciation
Gives a accounts receivable and the estimated amount not collected and asks what the accounts receivable would be valued at.
Given account balances for the company, they ask you to calculate the total current assets and liabilities that would be on the balance sheet.
Your numbers will vary.
Given account balances from a trial balance they ask you to determine the retained earnings.
Your numbers will vary.
Given a chart with missing values they ask you to calculate the inventory, property, plant, and equipment, and retained earnings.
Your numbers will vary.
For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note: (1) depreciation method; (2) contingency information; (3) significant issuance of common stock after the fiscal year-end; (4) cash equivalent designation; (5) long-term debt information; and (6) inventory costing method. For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note. A/B Note disclosures (1) Depreciation method (2) Contingency information (3) Significant issuance of common stock after the fiscal year-end (4) Cash equivalent designation (5) Long-term debt information (6) Inventory costing method
Given two current ratios, they ask you to determine whether a payment of accounts payable would increase or decrease the current ratio.
Your numbers will vary.
Given cash, accounts receivable, current ratio, and acid-test ratio they ask you to determine the current liabilities and inventory.
Your numbers will vary.
What makes accounts payable and notes payable different from each other?
All choices are ways to acknowledge a comprehensive income as per IFRS EXCEPT for one.