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The Following Lettered Items Represent a Classification Scheme for a Balance

Question 133

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The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent data found on balance sheets.
Each account, write the letter indicating to which category it belongs.

Premises:
Prepaid Interest
Accumulated Depreciation
Patents
S. Peters, Capital
Interest Expense
Inventory
Owner's Capital
Salary Payable
Mortgage Payable
Land Held for Investment
Responses:
Investments
Non-current liabilities
Current liabilities
Owner's equity
Intangible assets
Not on the balance sheet
Current assets
Property, plant, and equipment

Correct Answer:

Prepaid Interest
Accumulated Depreciation
Patents
S. Peters, Capital
Interest Expense
Inventory
Owner's Capital
Salary Payable
Mortgage Payable
Land Held for Investment
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