UNCW ACG 201 Exam 2 With All Correct & 100% Verified Answers |Latest
Version |Already Graded A+
1. classified balance Presents a snapshot at a point in time.
sheet To improve understanding, companies group similar assets and similar
liabilities together.
(ignore se)
assets:current a, long-term investments, pp&e, intangible assets
liabilities and SE: current l, long-term l, SE
-current is anything within a year/list in order og liquidity
2. Current Assets Assets that a company expects to convert to cash or use up within one
year or the operating cycle, whichever is longer.
Operating cycle is the average time that it takes to purchase inventory, sell it
on account, and then collect cash from customers.
3. long-term invest-
ments Investments in stocks and bonds of other companies.
Investments in long-term assets such as land or buildings that is not
currently being used in operating activities.
4. property, Long-term notes receivable.
plant, and
equipment relatively long useful lives that company is currently using in operations in
business
1/
10
, UNCW ACG 201 Exam 2 With All Correct & 100% Verified Answers |Latest
Version |Already Graded A+
5. intangible assets Long-lived assets that do not have physical substance.
6. current liabilities Obligations the company is to pay within the coming year or its
operating cycle, whichever is longer.
Usually list notes payable first, followed by accounts payable. Other items
follow in order of magnitude.
Common examples are accounts payable, salaries and wages payable,
notes payable, interest payable, income taxes payable current maturities of
long-term obligations.
7. long-term liabili-
ties Obligations a company expects to pay after one year.(e.g. long-term debt
deferred income taxes
other noncurrent liabilities
8. stockholder's total l-t liabilites X
eq-uity
Proprietorship - one capital account.
Partnership - capital account for each
partner.
Corporation - Common Stock and Retained
Earnings. ex: SE
common stock, 271,331
9. What is the
Ac-counting shares X retained earnings
Cycle X
total SE
-X
1) Analyze business transaction
2/
10
Version |Already Graded A+
1. classified balance Presents a snapshot at a point in time.
sheet To improve understanding, companies group similar assets and similar
liabilities together.
(ignore se)
assets:current a, long-term investments, pp&e, intangible assets
liabilities and SE: current l, long-term l, SE
-current is anything within a year/list in order og liquidity
2. Current Assets Assets that a company expects to convert to cash or use up within one
year or the operating cycle, whichever is longer.
Operating cycle is the average time that it takes to purchase inventory, sell it
on account, and then collect cash from customers.
3. long-term invest-
ments Investments in stocks and bonds of other companies.
Investments in long-term assets such as land or buildings that is not
currently being used in operating activities.
4. property, Long-term notes receivable.
plant, and
equipment relatively long useful lives that company is currently using in operations in
business
1/
10
, UNCW ACG 201 Exam 2 With All Correct & 100% Verified Answers |Latest
Version |Already Graded A+
5. intangible assets Long-lived assets that do not have physical substance.
6. current liabilities Obligations the company is to pay within the coming year or its
operating cycle, whichever is longer.
Usually list notes payable first, followed by accounts payable. Other items
follow in order of magnitude.
Common examples are accounts payable, salaries and wages payable,
notes payable, interest payable, income taxes payable current maturities of
long-term obligations.
7. long-term liabili-
ties Obligations a company expects to pay after one year.(e.g. long-term debt
deferred income taxes
other noncurrent liabilities
8. stockholder's total l-t liabilites X
eq-uity
Proprietorship - one capital account.
Partnership - capital account for each
partner.
Corporation - Common Stock and Retained
Earnings. ex: SE
common stock, 271,331
9. What is the
Ac-counting shares X retained earnings
Cycle X
total SE
-X
1) Analyze business transaction
2/
10
