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Chapter 5/Unit 10 Review Sheet 10/Classified Financial Statements KC 1. Explain the following terms. current...

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Chapter 5/Unit 10 Review Sheet 10/Classified Financial Statements KC 1. Explain the following terms. current asset: fixed asset: order of liquidity: current liabilities: K.C.A 2. Classify each of the following by writing current asset (CA), fixed asset (FA), long-term Liability (LTL), current liability (CL), owner's equity (OE), revenue (R), or expense (EX) in the space provided (a) Cash (e) Office Supplies (i) Investment Income (b) Salaries (1) Accounts Receivable 6) Owner's Drawings (c) Equipment (g) Owner's Capital (k) Automobile (d) Sales (h) Bank Loan (b) Mortgage Payable 3. Complete the following statements: K.C (a) A liability that will be paid within a year is a (b) A device used to organize accounting data at the end of the accounting cycle is called a LYSSE DOCT.cate to stay in protected view. Enable Editing Chapter 5/Unit 10 Review Sheet 10/Classified Financial Statements (cont.) (c) Assets that are converted into cash in the ordinary course of business are called (d) The order in which items may be converted into cash is called the (e) Debts that run for a year or more are called (1) Assets used in operating the business and which have a long life are called (g) Another term for work sheet is

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