Exam (elaborations)

Test Bank For Financial Accounting 3rd Edition By Christopher Burnley.

21 views 1 purchase

Institution
Concordia University ( )

Test Bank For Financial Accounting 3rd Edition By Christopher Burnley. ACCOUNT CLASSIFICATION AND PRESENTATION Normal Account Title Classifi cation Financial Statement Balance A Accounts Payable Current Liability Statement of Financial Position Credit Accounts Receivable Current Asset State...

[Show more]

Preview 4 out of 916 pages

View example

Uploaded on January 30, 2023
Number of pages 916
Written in 2022/2023
Type Exam (elaborations)
Contains Questions & answers

test bank for financial
test bank for financial accounting 3rd edition by christopher burnley
test bank for financial accounting 3rd edition
test bank for financial accounting by christopher burnley

DoctorReinhad Member since 2 year 1764 documents sold

103

CA$35.65

Added

Add to cart Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Test Bank For Financial Accounting
3rd Edition By Christopher Burnley

, www.downloadslide.net

ACCOUNT CLASSIFICATION AND PRESENTATION
Normal
Account Title Classifi cation Financial Statement Balance
A
Accounts Payable Current Liability Statement of Financial Position Credit
Accounts Receivable Current Asset Statement of Financial Position Debit
Accumulated Depreciation— Plant Asset—Contra Statement of Financial Position Credit
Buildings
Accumulated Depreciation— Plant Asset—Contra Statement of Financial Position Credit
Equipment
Administrative Expenses Operating Expense Income Statement Debit
Advertising Expense Operating Expense Income Statement Debit
Allowance for Doubtful Accounts Current Asset—Contra Statement of Financial Position Credit
Amortization Expense Operating Expense Income Statement Debit
B
Bad Debt Expense Operating Expense Income Statement Debit
Bonds Payable Non-Current Liability Statement of Financial Position Credit
Buildings Plant Asset Statement of Financial Position Debit
C
Cash Current Asset Statement of Financial Position Debit
Copyrights Intangible Asset Statement of Financial Position Debit
Cost of Goods Sold Cost of Goods Sold Income Statement Debit
D
Debt Investments Current Asset/Long-Term Statement of Financial Position Debit
Investment
Depreciation Expense Operating Expense Income Statement Debit
Dividend Revenue Other Income and Expense Income Statement Credit
Dividends Temporary account closed Retained Earnings Debit
to Retained Earnings Statement
Dividends Payable Current Liability Statement of Financial Position Credit
E
Equipment Plant Asset Statement of Financial Position Debit
F
Freight-Out Operating Expense Income Statement Debit
G
Gain on Disposal of Plant Assets Other Income and Expense Income Statement Credit
Goodwill Intangible Asset Statement of Financial Position Debit
I
Income Summary Temporary account closed Not Applicable (1)
to Retained Earnings
Income Tax Expense Income Tax Expense Income Statement Debit
Income Taxes Payable Current Liability Statement of Financial Position Credit
Insurance Expense Operating Expense Income Statement Debit
Interest Expense Other Income and Expense Income Statement Debit
Interest Payable Current Liability Statement of Financial Position Credit
Interest Receivable Current Asset Statement of Financial Position Debit
Interest Revenue Other Income and Expense Income Statement Credit
Inventory Current Asset Statement of Financial Position (2) Debit

, www.downloadslide.net

Normal
Account Title Classifi cation Financial Statement Balance
L
Land Plant Asset Statement of Financial Position Debit
Loss on Disposal of Plant Assets Other Income and Expense Income Statement Debit
M
Maintenance and Repairs Expense Operating Expense Income Statement Debit
Mortgage Payable Non-Current Liability Statement of Financial Position Credit
N
Notes Payable Current Liability/ Statement of Financial Position Credit
Non-Current Liability
P
Patents Intangible Asset Statement of Financial Position Debit
Prepaid Insurance Current Asset Statement of Financial Position Debit
R
Rent Expense Operating Expense Income Statement Debit
Research and Development Expense Operating Expense Income Statement Debit
Retained Earnings Equity Statement of Financial Position Credit
and Retained Earnings Statement
S
Salaries and Wages Expense Operating Expense Income Statement Debit
Salaries and Wages Payable Current Liability Statement of Financial Position Credit
Sales Discounts Revenue—Contra Income Statement Debit
Sales Returns and Allowances Revenue—Contra Income Statement Debit
Sales Revenue Revenue Income Statement Credit
Selling Expenses Operating Expense Income Statement Debit
Service Revenue Revenue Income Statement Credit
Share Capital—Ordinary Equity Statement of Financial Position Credit
Share Capital—Preference Equity Statement of Financial Position Credit
Share Investments Current Asset/Long-Term Statement of Financial Position Debit
Investment
Share Premium—Ordinary Equity Statement of Financial Position Credit
Share Premium—Preference Equity Statement of Financial Position Credit
Supplies Current Asset Statement of Financial Position Debit
Supplies Expense Operating Expense Income Statement Debit
T
Treasury Shares Equity—Contra Statement of Financial Position Debit
U
Unearned Service Revenue Current Liability Statement of Financial Position Credit
Utilities Expense Operating Expense Income Statement Debit

(1) The normal balance for Income Summary will be credit when there is a net income, debit when there is a net loss. The
Income Summary account does not appear on any fi nancial statement.
(2) If a periodic system is used, Inventory also appears on the income statement in the calculation of cost of goods sold.

, www.downloadslide.net

The following is a sample chart of accounts. It does not represent a comprehensive chart of all the accounts used in
this textbook but rather those accounts that are commonly used. This sample chart of accounts is for a company that
generates both service revenue as well as sales revenue. It uses the perpetual approach to inventory. If a periodic
system was used, the following temporary accounts would be needed to record inventory purchases: Purchases,
Freight-In, Purchase Returns and Allowances, and Purchase Discounts.

CHART OF ACCOUNTS
Assets Liabilities Equity Revenues Expenses
Cash Notes Payable Share Capital— Service Revenue Administrative
Preference Expenses
Accounts Accounts Payable Sales Revenue
Receivable Share Capital— Amortization
Unearned Service Ordinary Sales Discounts Expense
Allowance for Revenue
Doubtful Share Premium— Sales Returns and Bad Debt Expense
Accounts Salaries and Preference Allowances
Wages Payable Cost of Goods Sold
Interest Share Premium— Interest Revenue
Receivable Interest Payable Ordinary Depreciation
Gain on Disposal Expense
Inventory Dividends Payable Retained Earnings of Plant Assets
Freight-Out
Supplies Income Taxes Treasury Shares
Payable Income Tax
Prepaid Insurance Dividends Expense
Bonds Payable
Land Income Summary Insurance Expense
Mortgage Payable
Equipment Interest Expense

Accumulated Loss on Disposal of
Depreciation— Plant Assets
Equipment
Maintenance and
Buildings Repairs Expense

Accumulated Rent Expense
Depreciation—
Buildings Salaries and Wages
Expense
Copyrights
Selling Expenses
Goodwill
Supplies Expense
Patents
Utilities Expense

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller DoctorReinhad. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$35.65. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73314 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Exam (elaborations)

Test Bank For Financial Accounting 3rd Edition By Christopher Burnley.

Document information

Subjects

Written for

Seller

Reviews received

Content preview