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ACG 5026 EXAM 2 CH 2 REVIEW QUESTIONS AND CORRECT ANSWERS
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  • ACG 5026
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  • ACG 5026

Assets resources that are expected to provide a company with future economic benefits Expenditures that are not capitalized are expensed on the income statement Capitalized will be accounted for on the balance sheet as an asset Expensed it is added on the income statement and subtracted from rev...

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  • August 12, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acg 5026 exam 2 ch 2 review questions and correct
  • assets resources that are expected to provide a c
  • expenditures that are not capitalized are expense

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  • ACG 5026
  • ACG 5026

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ACG 5026 EXAM 2 CH 2 REVIEW
QUESTIONS AND CORRECT ANSWERS
Assets ✅resources that are expected to provide a company with future economic
benefits

Expenditures that are not capitalized ✅are expensed on the income statement

Capitalized ✅will be accounted for on the balance sheet as an asset

Expensed ✅it is added on the income statement and subtracted from revenues to
determine profit

Characteristics required for an asset to be capitalized (placed on balance sheet)
(current assets through prepaid expenses) ✅1. Must be owned or controlled by the
company. The legal title or unrestricted right to the asset

2. Must possess expected future benefits that can be measured. Benefits can be
expected as cash receipts or s reduction of liabilities

Current assets ✅assets expected to be converted into cash or used in operations
within the next year and is listed in order of liquidity

Cash ✅currency, bank deposits, certificates of deposit and other cash equivalents

Marketable securities ✅short term investments that can be quickly sold to raise cash

Accounts receivable ✅amounts due to the company from customers arising from the
sale of products or services on credit

Inventory ✅goods purchased or produced for sale to customers

Prepaid expenses ✅costs paid in advance for rent, insurance, or other services

Noncurrent assets (longterm fin invest. Through intrangible other assets) ✅not
expected to expire or be converted into cash within one year, or the next operating
cycle. Listed after current assets. Referred to as long term assets

Long term financial investments ✅investments in debt securities or shares of other
firms that management foes not intend to sell in the near future

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